The logo of the Bank of South Sudan

The Bank of South Sudan has launched a 5-year strategic plan for 2023 to 2027 aimed at improving the country’s unstable economy.

According to the institution, the plan will ensure price stability and a sound financial system to support sustainable economic growth in the country.

The vision is to make the central bank credible and stabilize the financial system by fostering transparency, accountability, professionalism, efficiency, and teamwork.

This, it says, will increase external stakeholders’ confidence and enhance exchange rate stability.

Speaking at the launch in Juba on Tuesday, June 27, 2023, the Governor of the Bank of South Sudan Johnny Ohisa explained the purpose of the strategic plans.

“Our economy has been hit by multi-internal shocks that are driving the exchange rate high,” Ohisa said.

“The market prices, and internally our banks have been struggling to overcome the bottom line mainly dominating from the capacity that which was identified in the first strategic plan, human resources organizational culture and technology.”

“In the face of such challenges we had until recent months, the exchange is stable,” he said.

“When I say exchange stable it doesn’t mean that we brought the exchange rate down, but it is stable at least somebody can plan how he wants to transact soon.”

For his part, the Minister of Finance and Planning suggested that the strategic plan be made into law to enforce its implementation.

Dier Tong Ngor also says other laws show be passed for all government institutions to comply with the strategic plan and resource allocations.

“This is a very strong message that the Bank of South Sudan is sending to all of us in the government,” said Tong.

“This issue of the strategic plan should be made into law and we should pass laws that required every government institution to have a strategic plan so that we can allocate resources based on something that is planned out.”

The Bank of South Sudan launched its first strategic plan in 2017, which will end in 2022.