South Sudan; Newly appointed central bank governor directed to fix deteriorating economy

By Deng Machol

Juba – South Sudan President Salva Kiir has directed the newly appointed Governor of Central Bank of South Sudan, Dier Tong Ngor, to fix and stabilize the deteriorating economy and the soaring prices of basic commodity .

President Kiir made the directives during the swearing-in ceremony of Governor Ngor that was administered by the country’s Chief Justice Chan Reech Madut at the statehouse on Wednesday in Juba.

Governor Ngor, a then former bank governor was reappointed on Monday by president Kiir, replacing Gamal Abdalla Wani who had replaced him (Ngor) in January this year.

“I appealed to you to work hard with your colleagues from the banking system and the concerned   institutions to stabilize the market price,” Kiir told the governor.

President further urged the bank official to always consult with his colleagues and concerned institutions on how to address issues of the economy.

“It is upon all of us to work collectively as a team to recover the economy that has been affected by the external factors,” said Kiir.

For his part, Governor Ngor reiterated his readiness to work closely with the Office of the President, Financial Institutions, and all the stakeholders, to stabilize the soaring basic commodity prices in the market.

“I have worked in the bank for years and I assure you the people of South Sudan that I will improve the banking system,” said Ngor.

However, the country’s five year conflict has devestasted the economy, that led to about a quarter of its population fleeing to neighbouring countries.

The civil war has also stifled the country’s economy’s mainstay, reducing oil production to flow, while output in other sectors like agriculture had also less – considered in the Eastern African  youngest nation.