Ayii Duang Ayii, businessman, former chairperson of the Business Community - credit | Michael Daniel/Eye Radio | March 15, 2022

The South Sudan Business Community has denounced plans by the Ministry of Finance and the Central Bank to fund the importation of commodities from neighboring Uganda.

On Friday, the country’s top financial institutions disclosed plans to import essential goods in a bid to alleviate the high cost of living resulting from currency depreciation.

Ohisa also said the Bank will intervene in the market as a short-run solution while looking for long-run strategic plans

In response, Ayii Duang Ayii, the chairperson of the Business Community said the measure should have been implemented by technocrats at the Ministry of Trade and the Chamber of Commerce.

“We have a Ministry of Trade with technicians who can manage this matter. The Ministry of Trade can announce bids with competitive prices for the supply of food items to the local merchants, according to certain specifications,” Duang said.

He urges the Ministry of Finance to channel the import fund to the Ministry of Trade with the Business community and the Chamber of Commerce to oversee export goods.

Duang believes that the Ministry of Trade and the designated institutions can successfully carry out the task.

“We call on the Minister of Finance to direct this money to the Ministry of Trade. I believe that the Ministry of Trade, the Chamber of Commerce, and the Business Community can import food.”

“The business community signed an agreement with the concerned authorities abroad to import goods directly from the factory.”

On Friday last week, the Minister Dr Dier Tong Ngor and Central Bank Governor Johnny Ohisa Damian briefed President Kiir on the latest monetary plans for the country.

Speaking at a news conference, the officials said the government has enough reserves to address the current inflation.

But Ayii questioned why the Ministry of Finance had let the local currency weaken if it has enough cash in its reserve.

“The Minister of Finance confirmed that they have reserves of hard currency in the Central Bank, so let me ask since they have cash reserves, why did they let the price of the dollar rise against the local currency?”