John Ohisa Damian, Governor of the Central Bank. | Courtesy.

The Governor of the Bank of South Sudan says there is need to amend the acts governing the institution to propel sustainable development and growth of the country’s economy.

Johnny Ohisa Damian made the suggestion at a two-day stakeholders meeting aimed at reviewing the Bank of South Sudan Act 2011 and the Banking Act 2012.

“A healthy financial system is viewed as an important tool to propel sustainable growth and the development of the economy because on this background,” Ohisa said.

“The review of both the Bank of South Sudan Act 2011, and the Banking Act 2012 comes highly The both laws are very good but there comes a time when we need to also adjust to the development in the legal framework.”

The meeting on Monday, convened by the National Constitutional Amendment Committee – has brought parties and stakeholders to the agreement and representatives from the development partners and civil servants.

The focus is to conform the banking laws to the agreement which includes the power-sharing arrangements, the independence and qualifications of the governors including appointments.

In his opening remarks, Ohisa, said the laws are good, but they need to be enriched to serve the country’s economy well.

“We need to enrich and improve on the Acts to ensure that it serves everybody well. The law itself is good but there is need for amendment that we need to include somethings that have not been there before.”

The Revitalized Agreement mandates the National Constitutional Amendment Committee to review and amend relevant legislations to conform it to the agreement.

It has also empowered the committee to amend or draft new legislations to incorporate any reforms relevant to the agreement.