Bank of South Sudan Governor, Dr. Alic Garang speaks to the media in Abuja. August 2, 2024. (Photo: Office of the Bank Governor).

The Bank of South Sudan Governor Dr. James Alic Garang is participating in a three-day meeting of Africa Central Bank Governors in Abuja where he will make a speech highlighting his country’s investment potentials.

The conference, hosted by Nigerian Finance Minister Wale Edun, who is the chair of the African Caucus, aims to propose solutions to propel the continent’s economic growth, amid growing demands for a fair global financial architecture.

According to local media, the key agenda is to prepare a unified African position for the upcoming International Monetary Fund (IMF) and World Bank annual meetings in Washington DC in October.

Addressing reporters on Friday, Dr. Alic said reforming the global financial framework and reducing the cost of borrowing are some of the key topics of discussion in the meeting.

“One is the need to reduce the cost of borrowing and enhancing access to finance as well as harmonizing policies among ourselves, and ensuring that the voices of Africa are heard at the table,” he said.

“And this is the point that we have heard early where (speakers) were talking about the G20 and what can be done to ensure that Africa sits at the table where decisions about global financial architecture are made.”

Dr. Garang further said the meeting will deliberate on how the continent can access energy – an initiative currently pursued by African Development Bank and World Bank.

The Bank Governor recently appealed to regional and international business entities to explore investment opportunities in his country, while addressing a meeting of the African Development Bank in Kenya.

The International Crisis Group said in June 2024 that South Sudan’s economic hardships resulting from disrupted oil exports could lead to multiple crisis including catastrophic hunger and political turmoil.

The policy group said the civil war in Sudan has severely impacted South Sudan’s financial lifeline, especially after one of the pipelines transporting 60% of its crude oil broke down in February 2024.

Two months after the ICG assessment, the country is grappling with catastrophic inflation, with the pound currency badly weakened against the US dollar.

This has left the government struggling to meet its running cost – as civil servants have now gone for nearly one year without salaries.