24th June 2024
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Dr. Garang says South Sudan ‘open for business’ as he charms investors

Authors: Nyathong William | Chany Ninrew | Published: Sunday, June 2, 2024

Dr. James Alic Garang, the Governor of the Central Bank of South Sudan Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The Bank of South Sudan governor said he 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.

Dr. James Alic Garang said the AfDB’s annual meetings were successful – and made resolutions on the need to reform the global financial architecture and how the Bank can serve the aspirations of the continent.

The country is suffering scathing inflation as the national currency weakens against the US dollar, triggering a sharp increase in commodity prices and leaving many families struggling to make ends meet.

Dr. Garang said he took the opportunity to tell representatives of the continent’s financial institutions that South Sudan is ripe for investment, as it seeks to diversify its oil-dependent economy.

According to him, South Sudan has abundant resources which present a great potential for investment, beside the oil export.

“The AfDB meetings gave us, specially the delegation from South Sudan the opportunity to share our views, and one of those things that we have highlighted is to tell the region in the world that South Sudan is open of business,” he told reporters at Juba Airport.

“There is so much at home and there is a lot beyond the oil, this is an issue that we have tried to market during this meeting.”

Dr. Garang said the meeting made other resolution made in the meeting, include how the Bank can deliver on five priority areas such as the need to light up, empower, connect, integrate and feed the African continent.

He also stated that a sideline meeting of the Horn of Africa Initiative, discussed the need to establish road and internet connectivity.

“The meeting was very successful. There were also many opportunities where we meet at the regional level, and a number of issues were discussed. One of those was the need to connect countries.”

“Of course, one the least connected countries is South Sudan, and the emphases from the group is that if there is anything that can be done to foster access to resources both in the region and the AFDB, then it should be done.”

According to him, South Sudan and four other countries were granted the opportunity for financing arrangement known as the Africa Disaster Financing Mechanism.

“Before we concluded the meeting, South Sudan had the opportunity to be granted access under a financing arrangement called Africa Disaster and Risk Financing Arrangement.”

“It is one of those that will allow to connect with Ethiopia and other countries in the region.”

The International Crisis Group said last month 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 in a report published on Wednesday that the civil war in Sudan has severely disrupted South Sudan oil exports, depriving the latter’s coffers of oil income – which is the main source of revenue.

The Sudan war, it said, put South Sudan’s financial lifeline at risk, especially after one of the pipelines transporting 60% of its crude oil broke down in February 2024, and will require months of complex repairs.

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