Prof. John Akec, the Vice-Chancellor of the University of Juba - Courtesy

The Vice Chancellor of the University of Juba has suggested reforms in South Sudan’s financial institutions by having a competent workforce to drive the country’s economy.

This comes as South Sudan’s currency continues to loosen its value against the US Dollars.

Until today, one US Dollar is selling at 650 South Sudanese Pounds on the black market.

The continued rise in the price of the hard currency has triggered a hike in the prices of commodity prices in markets.

Professor John Akec says if the suggested reform is exercised with competent personnel in the ministry of finance and the central bank, South Sudan’s economy will gain weight.

He says the country deserves to have a new economic team, capable of tackling the existing economic problem.

“We deserve to have a new economic team, capable and then you tackle the problem,” Prof Akec told Eye Radio.

“You cannot be on the driving wheel and expect people to be telling you what to do, full stop. If you have no solution, then you get out,

“I am talking to the minister of finance and the central bank. We need a team. I am not going to prescribe to them what to do and I don’t think they will take it up,

“They have to have their own ideas and the opportunities are there, but we need a new team, that is my recommendation.”

According to Akech, auctioning hard currency into the market is not good medicine to stabilize the country’s economy but emphasizes having a competent team of economists to drive the country’s economic sector.

“The ministry of finance has resorted to what they call deficit financing and deficit financing is something the government does when they really have the problem of cash for a very short term, but it is not a very good medicine if you have a problem of income,”Akec said.