South Sudan’s new central bank governor vows to modernize banking sector

Central bank governor James Alic Garang. [Photo by presidency]
Central bank governor James Alic Garang. [Photo by presidency]

JUBA, OCTOBER 4, 2023 (SUDANS POST) – South Sudan’s newly-appointed central governor James Alic Garang has vowed to modernize the country’s banking sector, two days after his appointment by President Salva Kiir.

He was appointed on Monday to replace Johny Ohisa who was appointed to the position last year following the removal of his processor Moses Makur Deng as the local currency, the found, was witnessing unprecedented inflation.

Speaking at his reception ceremony organized at the central bank headquarters in Juba following his swearing in ceremony at the presidency, Garang said that his leadership will focus on transparency, communication, and autonomy.

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“Let me underscore three points that I would like to put across,” Garang said. “One, as a management we will always collaborate in the interest of advancing the mandate of this institution. As we look forward, I pledged along with my team, we are going to emphasize an element of running a modern Central Bank.”

“Modern banking is underlined by a number of key pillars, and one of those was already mentioned by my colleague: the increase of transparency in whatever we do as a bank. Along with that, will be the need to have effective communication, and the last point, which is not here at the bank but also occurs across the board, is the element of seeking greater autonomy.”

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Garang’s first deputy Samuel Yanga Mikaya, acknowledged that there will be challenges ahead, but said that he is confident that the new governor will be successful.

“We will move forward,” Mikaya said. “Challenges are going to be there, if there are no challenges there is no need for us, but those challenges we will live for them.”

Garang’s appointment comes at a time when South Sudan is facing a number of economic challenges, including high inflation and a shortage of foreign currency. The central bank plays a key role in managing the economy.