Rédaction Africa Links 24 with umajulius
Published on 2024-03-29 09:05:57
On March 28, 2024, the Central Bank of South Sudan made a significant move by opening a branch at the border with Uganda. This branch presents a unique opportunity for local employment and facilitates financial services for the surrounding area.
The inauguration ceremony, held on March 23, was attended by key figures including Central Bank governor James Alic Garang and the first undersecretary at the Finance and Economic Planning ministry. The governor of Eastern Equatoria state, Louis Lobong Lojore, along with members of his administration, senior bank officials, and local leadership also participated in the event. Various officials gave speeches emphasizing the importance of production and service provision at the grassroots level.
Other notable attendees at the ceremony included William Anyuon Kuol, National Minister of Trade and Industry, Samuel Yanga, First Deputy Governor of the Central Bank of South Sudan, and several other government officials. The opening of the branch at Nimule was highlighted as a critical step towards enhancing revenue collection efficiency, reducing risks, and improving overall tax performance.
Governor Alic Garang explained that the branch would serve as a direct deposit point for importing agents, streamlining the clearance process and boosting revenue collection. He emphasized the importance of bringing essential financial services closer to the people, promoting trade and commerce, and fostering financial inclusion through offering loans to farmers and small-scale businesses in the region.
Garang also underscored the job creation potential of the new branch, acknowledging the significance of providing financial services while generating employment opportunities for the local community. He urged the audience to understand the broader economic context, pointing out the need for economic diversification and increased revenue collection to address the fiscal crisis facing South Sudan.
With South Sudan heavily reliant on oil revenue, Garang highlighted the importance of diversifying the economy and encouraging local production to reduce dependency on oil. He emphasized the need for investments in sectors like animal husbandry, fishing, hospitality, and tourism to stimulate economic growth and enhance revenue generation.
In an effort to boost revenue, Garang proposed implementing measures such as value-added tax and excise taxes on specific goods and services. By diversifying away from oil and exploring new economic sectors, South Sudan aims to strengthen its economy and achieve sustainable development.
The opening of the Central Bank branch at the border with Uganda marks a significant milestone in South Sudan’s efforts to improve financial services, promote economic growth, and create employment opportunities at the local level. Through strategic initiatives and investments in alternative sectors, South Sudan seeks to overcome its fiscal challenges and pave the way for a more diversified and resilient economy.
Read the original article on Sudan Tribune
