By Ijoo Bosco
Torit municipal authorities in Eastern Equatoria State are taking measures to alleviate the economic burden on its citizens by persuading traders to reduce commodity prices.
This is in response to the declining exchange rate of the South Sudanese pound against the US dollar.
Stephen Ihude, the State Director General in the Ministry of Trade and Industry directed that all traders, including wholesalers, retailers, hoteliers, alcohol vendors, and clinics, to lower their prices by at least 30%.
“We are urging you to reduce prices of goods all from wholes sellers, retailers and transport operators, people selling beer and people making tea, hotels and people selling clinic and all the hospitals, anybody is not exceptional, reduce princess by 30%,” he said.
South Sudan has been grappling with escalating market prices since the onset of high inflation, which has led to an economic downturn across the country.
Mr. Ihude emphasized that the exchange rate between the US dollar and the South Sudanese pound has decreased from 220,000 to 170,000 South Sudanese pounds.
He further stressed that this reduction in prices should apply to all sectors, and the 30% reduction guideline was tailored to the local standard in Torit.
While acknowledging that the exchange rate in Juba is higher, he urged traders there to adjust accordingly.
Abdu Musa, a trader, highlighted the impact of the fluctuating exchange rate on the prices of goods and called for increased public awareness through radio campaigns.
He emphasized the need for transparency in currency exchange transactions, as customers often face unexpected disparities between the initial rate quoted and the final rate applied during negotiations.
Sanza Moses, the chairperson of the Uganda business community, proposed implementing effective financial measures in collaboration with institutions such as KCB and other commercial banks to enhance stability in the market.
He underlined the importance of reliable exchange rates and urged the government to prioritize this issue.
John Oting, a trader, expressed support for the government’s initiative to reduce prices and requested attention to be given to fuel prices, given their impact on transportation costs.
He urged the government to address the issue promptly, as high fuel prices contribute to the overall high cost of goods.
These concerns were raised during a meeting convened by the State Director General in the Ministry of Trade and Industry to address the prevailing inflationary pressures affecting the country.