President Salva Kiir has removed Dr. James Alic Garang as Governor of the Bank of South Sudan (BoSS) eight months after he granted the independence of the financial institution to execute its statutory and supervisory functions.

Dr. Alic was appointed in October 2023 to replace Johnny Ohisa Damian – who had just been reappointed as his successor.

In March 2024, President Kiir invoked the constitutional provision that provides for the independence of the Bank of South Sudan to execute its statutory and supervisory functions.

This means the bank is mandated to independently exercise its powers and functions without any interference from other government institutions and individuals.

It ensures that the banks independently implement monetary policies that promote domestic price stability, currency issuance, regulation of the financial sector, holding and managing the official exchange reserves of the country as well as implementation of it independent recruitment policy.

The invocation was cited to be in line with implementation of the 2018 peace agreement.

According to the Bank of South Sudan Act, 2011, amended 2023, the Governor and Deputy Governors shall be appointed by the President and approved by two thirds of members of the National Legislative Assembly.

The terms of Governor and Deputy Governor is five years for the governor, four and three years for the deputy governors respectively, according to section 15(A) sub section 3.

Over the years, the financial institution has changed hands in short-lived appointments, despite the constitutional provision and Bank of South Sudan Act.