National, News

Experts slam approach to soaring inflation

By Bida Elly David


South Sudan’s economic and policy experts are criticizing the handling of the ongoing economic crisis.

Economic and policy analysts say the government policies miss out the long-term vision.

Abraham Malieth, an economic analyst and lecturer, argues that the government’s focus on dollar auctions is insufficient.

“We need to invest in agriculture to ensure food security,” he advised.

Policy analyst Boboya James, Executive Director of a think tank, an Institute for Social Policy and Research (ISPR), criticizes politicizing of economic issues.

“Oil money should be used for agricultural equipment, not temporary solutions,” he stated.

Boboya emphasizes the importance of domestic food production to stabilize the economy by utilizing oil revenue for equipment and infrastructure to empower farmers.

Both analysts believe a sound economic policy and increased local food production are crucial to strengthening the SSP against the dollar.

The analysts emphasize the need for concrete action to alleviate the suffering of South Sudanese citizens.

Last week, the national oil and gas company, (Nile Petroleum Corporation) Nilepet, disclosed plans to upgrade Bentiu oil refinery in a bid to supply fuel to domestic market to cushion the economy.

Inflation remains high despite recent measures like currency auctions and crackdowns on money traders being employed by the central bank to tame the hyperinflation economy.

The US dollar continues to gain value against the South Sudanese Pound (SSP) in the foreign exchange market.

On Friday, this publication established that the exchange rate in the parallel market is climbing back to its high, with $1 selling for SSP 2,500 and buying for SSP 2,600. This significantly surpasses the Central Bank’s official rates of SSP 1,579 (selling) and SSP 1,532 (buying).




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