Bank of South Sudan launches 5 year strategic plan to stabilize economy

The Bank of South Sudan (BOSS) on Tuesday launched the 2023-2027 strategic plan aimed at achieving price stability and establishing sound financial system in the country.

 Johnny Ohisa Damian, the Governor of the Bank of South Sudan, said that the strategic plan will also focus on boosting investor confidence in the economy that is reeling amid high inflation caused by over reliance on imports.

“Our economy is being hit by multiple external shocks that are driving the exchange rate high, market prices up, in the face of such challenges we have managed to keep the exchange rate stable,” Ohisa said during launching ceremony at Radisson Blu Hotel in Juba.

Taban Deng Gai, the Vice President for Infrastructure Cluster, said the strategic plan will guide the central bank in controlling price stability.

 “The central bank has got a task given the fact that we are a consumer society, we are not producing our goods. The food that we are eating and the fuel come from Uganda, Kenya or UAE,” Gai said.

He noted that over reliance on imports poses serious challenge for the central bank in controlling inflation.

“What we are launching today is an ambitious program showing how the bank will look like in 2027 in terms of capacity, the economy and the price stability,” Gai said.

Dier Tong Ngor, the National Minister of Finance and Planning, said that the long term objectives of the strategic plan should not be compromised for short term gains.

 “Sometimes we are compromising long term objectives for short term gains, instead short term gains should contribute to the long term objectives that have been set,” Ngor said.

The South Sudan Pound (SSP) has depreciated against the U.S dollar exchanging at 97 SSP from the previous 58 in January 2023.

Oil-dependent South Sudan heavily imports goods from food and fuel from neighboring countries.