BoSS governor, Dr. James Alic Garang. (-)
The Governor of the Bank of South Sudan is encouraging the newly appointed finance minister and related economic institutions to embrace a prudent policy to move the country forward.
Dr. James Alic Garang urged the South Sudan Revenue Authority and the Ministry of Trade and Industry to support the new finance minister, Marial Dongrin, in advancing his financial policies.
He also emphasized strong policy coordination to raise revenues and find a way to spend them with good judgement.
“I encourage you to embrace strong policy coordination. We must always embrace policy prudent, raise revenue and find a way to spend them prudently. Policy prudence is what this country need,” he said during the reception of the minister.
Dr. Garang specifically advised the new minister to pick up from the footsteps of his predecessor Awow Chuang and choose what is appropriate for the country.
“There are those that are gone like Awow, pick up from them and carry forward. If there are those that are not straight policy-positioned, you push them aside. That is the only way we can move this country forward.”
“We at the Bank of South Sudan, and with our other colleagues in the economic sector, from the revenue authority, to trade, to investment and across the board will do everything in our powers to stand and support the policies that you are advancing.”
Speaking at the same event, Minister Dongrin said his institution will set a new revenue target for FY 2024/2025 in few days as he officially took up his post on Monday.
Outlining his key priorities, Minister Dongrin said the finance ministry will request the Bank of South Sudan (BoSS) to provide a list of all government accounts at central and commercial banks with corresponding signatories.
He said the list of accounts will be used to form the basis for implementing President Kiir’s directive on the consolidation of government bank accounts.
Mr. Dongrin added that his ministry will work together with the Bank of South Sudan to coordinate fiscal and monetary policy alignment to stabilize the market.
During the swearing ceremony of the finance minister, President Kiir admitted that revenue being collected end up in individuals’ accounts, justifying why he fires officials in a shot time.
“Money is being collected from the people. If you (Minister Ater) understand the issue, I’m sure we will not have any problem at all. Otherwise we have a lot of money. So, I give you a very little time on what you need to do.” he said.
“But the money that is collected, everyone has their own accounts and this count does not come to the people. Everyone will take the money to their bosses they know.”
President Kiir appointed Dongrin as Finance Minister in a Republican Decree on Wednesday, July 10, having fired Awow Daniel Chuang after serving for only three months in office.
Mr. Awow took over from Dr. Bak Barnaba Chol, who was sacked in March 2024 after replacing Dier Tong in August 2023 – a string of decrees that has seen Kiir kick out three finance ministers in just one year.
South Sudan is suffering inflation after the Sudan war damaged facilities transporting its chief crude oil to the Red Sea, leaving the national currency weakened against the US dollar.
Civil servants and members of the organized forces have not been paid for nearly 10 months and the government has been operating for a month without a new fiscal year budget in place.
Recently, Sudanese oil firm – Bashayer Pipeline Company (BAPCO) – said the interruption of the flow of South Sudan oil through Sudanese pipelines has cost the economies of both nations millions of dollars in losses.
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