By Hou Akot Hou
Governor Tong Aken Ngor of Northern Bahr el Ghazal state warned traders against maintaining high prices for goods despite the recent drop in the dollar exchange rate.
“The government is working hard to reduce prices,” Governor Ngor said in a meeting with traders on Monday.
“The Ministry of Trade, Central Bank, and Ministry of Finance are injecting dollars into the market, bringing the exchange rate down to about 1,500 SSP per dollar,” he stated.
Mr. Aken questioned the traders’ pricing strategy.
“Where do you get your own exchange rate? We’re fixing the issue of skyrocketing prices, which is what people are concerned about” he said.
“Those who continue selling foodstuffs at inflated prices will be arrested,” Governor Ngor threatened.
Acknowledging the scarcity of goods and dollars, he urged traders to consult the Ministry of Trade and Central Bank for the current exchange rate to determine fair prices.
For instance, a 50kg sack of maize flour, previously priced at 50,000-60,000 SSP, is now being sold at 80,000 SSP.
John Gau, Chairperson of the Northern Bahr el Ghazal State Chamber of Commerce, welcomed the government’s initiative to lower the dollar rate to around 1,700 SSP or 1,500 SSP per dollar.
“We will collaborate with the state government to regulate prices and alleviate the economic hardships faced by the local population,” Gau said.
However, challenges remain in stabilizing the economy heavily reliant on imports, with limited domestic production.