Home | Comment & Analysis    Saturday 17 October 2020

Fixing South Sudan’s economy


By Manyuon Mayen Manyuon

A lot of questions beseech people’s minds when it comes to current South Sudan’s deteriorating economy. Experts might have been inquisitive on the country’s capability to hoard the economy in the past years, but this has instead exposed the country’s inability to harness the ruse.

But since it has now exceeded the boiling point, economics questions are being randomly answered, when the only require rational answers until one finds an amicable solution, more than anything we are predicting right now.

However, it is extremely aching to envisage the cries of the depressed population especially at this critical time when things seem clumsy and gauche in what appears as a blow in the country’s financial sector.

In other parts of the World, civil population are viewed as privileges and assets to any existing system but become stressful when they are left at devastation during fragilities or whatsoever in the long run.

This is because they opt for protection during difficulties than left to obscurity; thus, it will not be a surprise in the next few days when one hears people dying of anger in their respective houses due to the lack of basic necessities during these critical times.

This country’s economy could have been rescued long time ago if financial decisions were undertaken by the right people, nevertheless, structuring it now needs just financial strategies more than any prediction and gambling leaders may try to salvage the country from the economic slump.

The current lacklustre moment coupled with financial management policies supplicates people’s understanding when minor economical issues that require economic solutions exceed normality.

Thus, it is now in this discomfited sense that our monetary institutions need concrete strategies to be championed by the right people as opposed to rowdiness.

In 2015, South Sudanese pound was devalued with the hope that devaluing would reduce the cost of the country’s exports and can help shrink the trade deficits, a move that has never worked in the past years as the devaluation goes beyond normality.

Thus, it could have been controlled if our institutions had prioritized the country.

As economies require, it does not need axes, decrees and guns to fix it but measly strategies from the right people.

A lot of analogies that aim at invigorating the economics could have been adopted after when the trick became unsuccessful but the decision fell to deaf ears as it is now challenging our own system.

As someone who has ever gone to economics class, I humbly dare that South Sudan’s economics sector only requires strengthening policies to revive South Sudanese pounds.

It is obvious in free economies that things may hike but easier to be reformed. So, it does not need a change of currency or any other prediction than financial discipline instead.

This country’s economy could have been uplifted in the past if our financial institutions were strong enough to uphold financial standards.

Nevertheless, it is worse noting that our people have been joking with financial policies which are more than political parties and gambling. Learning is a gradual process, and I think we could have learned when the devaluation failed us.

For this matter, I think the authorities; the financial institutions and economics committees can simply embark on policies’ amplification that will improve the country economy from being buried.

The World’s greatest economies did not obtain their legacies from preempted propagandas but within its system of investing in skills. These include skilled personnel and technocrats.

However, current trends in different parts of Africa where cries could rise to the stage of voicelessness are questionable since the experts have not been consulted.

It may seem counter-intuitive, but a strong currency is not necessarily in the country’s best interests of using power than brains.

As economics is concerned, a weak domestic currency makes a nation’s exports more competitive in the global markets, when it has correct policies.

Thus, in this analysis, it was wrong for South Sudan to devalue the currency in 2015 when they had forecasted mishaps.

The stimulative monetary policies that usually result in weak currency impact the nation’s capital, thus this improvement in terms of trade generally translates into lower current deficit or greater account surplus.

However, the high export could spur economic growth while pricey made a similar move because consumers do not have local alternatives to imported products.

In my observance and as a devaluation can significantly reduce the overseas power of the citizens of the nation, the government financial institutions could have been frank to the leadership earlier so that such frauds were controlled but indeed challenging since it is now leaving loopholes in the financial sector.

Even if the currency war is not fought forcibly, a country could have been wary about the negative impacts of devaluation if we were employing financially minded fellows. And due to the fact that employment did not depend on merits and qualifications in recent days, it has now caused havoc to our South Sudanese pounds.

Economics in its simplest definition requires more technicality than assumptions and this is why it has been hard for our country to win the economics war.

In most great economies of the World, the economy has nothing to do with neither political parties nor empty talks to rescue it.

It is practical work and that’s why economics theories prioritize tips to improve financial institutions which are crucial for business survival and growth.

These involve planning, organizing and monitoring financial entities to heal the country’s fragile economy than forming committees with fewer experts who fail to deliver at the end of the day.

Therefore, it is at the very moment that South Sudan’s financial sector needs nurses, doctors and midwives who are not of the medical, political or whatsoever backgrounds but within the financial and economical fraternities.

It is appalling to see people just struggling to improve the country’s economy at their tea places when experts are being excluded; hence, something should urgently be done.

Businesses could be very stressful facing these financial problems but the option is to only minimize the impact by tackling priorities and debts first and assessing how to improve the cash flow.

In nutshell, adopting, adopting concrete policies will only rescue South Sudan’s economy from total death as it neither needs axes nor guns to fix it.

The recently formed crisis management committees, appointed officials and appointing authorities must look beyond political parties if we want any positive progress in the meantime.

This is because today’s solutions involve new more innovative solutions which economists dubbed "Smart Fiscal Policies".

These policies will facilitate change, harness potential growth and protect people who are hit by this economic meltdown.

Manyuon Mayen is a South Sudan-based writer, essayist, content creator and private Editor. He is reachable via manyuondavidmayen@gamil.com

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