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Oil and gas alone can’t ensure strong economy, says Awow

Author: Emmanuel J. Akile | Published: July 17, 2024

Engineer Awow Daniel, former Minister of Finance and Planning - Credit: Office of the President - March 19, 2024

The former Minister of Finance and Planning says oil and gas only cannot make a strong economy, but should rather be used as a catalyst to diversify the country’s economic sectors.

Engineer Awow Daniel said the current economic downturn in the country is a result of an overbalance of oil revenue alone.

He added that there is a need to utilize the oil revenue to diversify the economy.

Awow also stated that the country should develop a proper legal framework for the government to use the resources in a better manner.

He was speaking during the reception ceremony of the new minister of finance and planning in Juba on Monday.

“The task in this ministry of finance and planning is not an easy ride because South Sudan is at a very critical juncture of economic downturn. This has been affected greatly by the lack of physical space,” said Awow.

“This physical space has never been there, but we need to find out why are we not moving with the physical space that will allow us to function smoothly,” he said.

“The issue of South Sudan’s economy is overreliance on one commodity and only revenue stream from oil and gas.

“We have been always advising our government for the last few years that oil and gas cannot be a commodity for a country to have a strong economy, it can only be used as a catalyst for other sectors,” he said.

“The limited resources that come from oil streams are supposed to be used to diversify the economy, that’s the answer, and for us to have that answered we need to develop a proper legal framework for us to run those resources in a better manner that will reflect the ambitions of the people of South Sudan.”

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