South Sudan Bank governor in Nigeria for Africa meeting
August 31, 2024 (JUBA) – South Sudan’s Central Bank governor, James Alic Garang is the Nigerian capital, Abuja for the 2024 Africa caucus meeting.
The meeting, hosted by the Nigerian Federal Ministry of Finance from 1–3 August, presents an opportunity for South Sudan to showcase areas in which foreign companies and financial institutions can invest in a country with huge potentials.
The three-day meeting aims at addressing intra-African trade as a crucial catalyst for sustainable economic growth and to prepare input for the International Monetary Fund (IMF) as well as the annual meetings of the World Bank.
A statement noted that the governor of the Central Bank of South Sudan will use the opportunity at the meeting to explain how he coordinates monetary policies with relevant institutions involved in fiscal and economic strategy to see how joint efforts of the government in facilitating investment in economic priority sectors.
Focusing on agriculture, transport infrastructure, petroleum, mining, and energy, the meeting seeks to unlock economic potential and boost diversified growth.
Garang insists financial inclusion is one of the areas in which the investment could be explored so that rural-urban gaps in economic growth are bridged.
He advocates for lending by the commercial banks to small-scale business holders and saving to stabilize consumer prices in the market as part of the efforts to control inflation exacerbated by the drop in the oil prices and disruption by the conflict in Sudan through it exports crude oil to the international markets for sale.
The African Caucus was established in 1963, to strengthen the voice of African governors in the Bretton Woods Institutions (BWIs), also known as the IMF and the World Bank Group, on development issues of particular interest to Africa. Membership to the Caucus is open to all African countries that are members of the IMF and WBG. Currently, all the 54 countries on the continent are members.
(ST)