South Sudan Central Bank wins continental award
July 17, 2024 (JUBA)- South Sudan’s central bank has won a continental award, bolstering its image to enable it stand among international and regional banks.
The award was presented by the African Leadership Magazine to the Central Bank governor, James Alic Garang in a ceremony held in London on July 17, 2024.
The bank, under Garang, has been credited for its advocacy for financial inclusion, promoting initiatives to expand banking services, to rural populations, and fostering economic participation and empowerment at the grassroots level.
Prioritizing the development of digital banking infrastructure, recognizing its potential to drive economic growth and modernize the financial landscape, promoting investment, improving risk management, and embracing technology are some of the initiatives and efforts that were acknowledged by the magazine.
Several officials and government institutions said the award will inspire efforts aimed at shaping the direction of the economy and governance in the country.
“Hon. Dr. James Alic Garang, governor of the Central Bank of South Sudan has been exemplary, particularly in spreading the development of digital banking infrastructure”, reads a Central Bank statement read on the state-owned SSBC.
Others in government and private sector see recognition as crucial for advancing economic growth and modernizing the financial landscape in the region.
The Prime Minister of the Commonwealth of Bahamas, Phillip Davies commended Garang for his professionalism and dedication towards economic development.
According to Davies, Garang’s efforts have significantly enhanced access to finance for small-sized enterprises not only in South Sudan, but across Africa.
Earlier this year, the Central Bank governor also honored by the United States House of Representatives in South Carolina and the African leadership organization for his expertise and contribution to economic development.
Garang dedicated the award to the people of South Sudan and President Salva Kiir for support and guidance in the efforts to improve the economic situation.
“First of all, I would like I want to give this award, presented both to the people of South Sudan and our president, his excellency Salva Kiir Mayardit. They support us at the bank of South Sudan to do what we do and for us to achieve this award, without the presence of the people of South Sudan and our president, this award would not have come. For that reason, I want to say please help and thank you the people of South Sudan”, said Garang as he received the award.
The award has received mixed reactions, with some questioning specific achievements. Others argued that the objectives of the award are meant to motivate and promote the leadership of the bank to manage and perform with greater zeal and determination to make a difference despite the economic challenges that the country is going through.
Some say the summit was an opportunity to showcase areas in the economic sector with potential to attract investors in different sectors as the leadership exerts efforts to diversify its economy, moving away from depending on oil revenue.
A statement released before the summit described the Africa Summit as a premier annual program hosted by the African Leadership magazine. It started in 2016. It brings together policymakers, political and business leaders, diplomats, civil society leaders, thought leaders, and stakeholders from Africa, the United Kingdom, and worldwide to engage in discussions on various issues related to Africa’s social, economic, and environmental sustainability.
While forecasts from the International Monetary Fund (IMF) and Economic Intelligence Unit (EIU) anticipate robust economic growth for Africa in 2024, positioning the continent as the second-fastest-growing major region with an average growth rate of 4 percent, there are underlying challenges that need to be addressed, as identified by Chatham House, a London-based think tank.
(ST)