Our Central Bank needs serious reform for credible output!
7 min readBy Sunday de John, NAIROBI, KENYA
July 20, 2015 (SSB) —- When I say Central Bank needs reform for credible output, I mean it. It isn’t a mischief that the bank hasn’t been operating well under previous or current authorities but it is in response to the quest that improved services are a necessity at this critical time when serious reforms are needed for the South Sudanese to see their desires becoming tangible developmental outputs.
To those who may be having queries on which Central Bank reforms are being desired to be effected, note that the Central Bank I am talking about is that of the Republic of South Sudan. To deliver credible services to South Sudanese, the Bank needs to regulate with keenness the flow of currencies to ensure that businesses, whether government’s or individual’s are run without interfering with demand-supply chain in keeping with the flow of the market.
Although I am not a banker, it is possibly true that deviation of Central Bank from its primary functions of regulating currency flow and liaising with our international monetary bodies can render it flail and defunct to a total collapse of our already weak economy. The Central Bank we are proud of is deteriorating, as does our currency. The reasons why our currency is depreciating can be well explained by the current central bank’s top management.
With apparent weaknesses portrayed by the bank and with dwindling hard currency in circulation and the robust black-market that is richly transacting black businesses, there is much at stake as far as economics prowess is concerned. Rightly, banking issues are at stake and businesses too have crumbled such that the little produce in terms of oil doesn’t support the vital projects of the country and hence subjecting our hopes to withering bubbles.
With banking issues at stake in the new Republic of South Sudan as mentioned, a quick fixation is necessarily desirable. We have adequately and correctly established the ailment dwarfing our economy and it is therefore necessary that we remount necessary but immediate measures to fully accentuate and remove the stressor for us to remain stress and disease free.
It is with this in mind that I would ask the President of the Republic of South Sudan to help salvage the economy from permanent collapse by instating a robust economist that shall without disappointment reconstitute the central banking, regulate the monetary flow and effectively do the prescribed institutional obligations to the satisfaction of all South Sudanese.
Like usual, development doesn’t pair well when developers are neglected and it is for this reason that one would urge the President to appoint people like Dr. Bari Wanji, Dr. Lual Achuek Deng, Gen. Isaiah Alier Mashinkok or Dr. Marial Awou Yol. Without political strings attached, one can confidently say that these people are economic experts that can out of nothing create something. They are as well senior economists who have worked in their various capacities for many years without creating a credit crunch. These few experts and some other unmentioned ones could be regarded as national assets who are potentially unwearied human resource of high and pure quality.
Like his predecessor, Hon. Kornelio Koryom Mayik has worked adequately and since the Central Bank is that of South Sudan, hesitation in his removal is a disservice and now is the time to ask this great statesman to rest as new blood is injected into the system for revered flow of services. Since the economy has veered towards a pathetically potholed direction, necessarily replacement of current boss of BoSS with an ardent economist is but the only option left.
Without comparison and contrast, either of the aforementioned economists can do well but since records hold the correct account, Dr. Marial Awou Yol is a suitable choice. A renowned academician of high credentials in economic sector with wealth of experience from the World Bank and other monetary institutions just like Dr. Achuek should now be given a chance.
Without scanning through his curriculum vitae, I can correctly attest that Dr. Awou Yol has through his clean hands helped in the recent past to impact positively on South Sudan economy witnessed by establishment of an apparently functioning taxation chamber when he was serving as a deputy mister of finance and economic planning. Having served in the same position twice in Khartoum and Juba respectively, the man has portrayed unbeatable skills in deepening the roots of economy for the good of South Sudan.
With ability to denigrate selfishness and embrace selflessness, Dr. Awou is categorically a man in his own league and especially when question of integrity becomes a talking point. However, small questions may arise such as to why people of Yirol dominate the economic pillars of South Sudan since mentality of South Sudanese is either regionalism or tribalism, to furnish such mentalities with sufficient reasons isn’t possible but one would be compelled to say that entrusting Lakes State to care for South Sudan economy isn’t criminal and braggingly it can be acknowledged that like Hon. David Deng Athorbei, Dr. Marial can help mold the economy without cracks.
If somebody is workaholic, energetic, shrewd, experienced, dedicated, humble, not rebellious and not a thief, why would a question of state or region of his/her origin be the reason of keeping him/her away from rendering services to the satisfaction of everybody? Without mincing words, I can say Dr. Marial and Dr. Lual suit the category. Nonetheless, what South Sudanese need most at this time isn’t the origin of Mr. X and Mrs. Y it is services.
To recount on recent history and as a reminder, two years ago, the President mentioned audibly that his leadership would then focus on service delivery and not regional representation and for the sake of public accountability, I should as well emphasize that he shouldn’t this time fail to acknowledge his first words. To validate his first words and to vitiate and dismiss all doubts of South Sudanese, in conjunction with Hon. David Deng Athorbei, he should appoint Dr. Marial Awou as the chief Banker and he won’t be disappointed.
However, it should be noted that Hon. Athorbei and Dr. Yol come from Yirol and both are workaholics with formidable backgrounds in economy and administration and they shall not fail South Sudanese in their quest to witness a changed and prosperous South Sudan.
To reform the banking and economic sector, Mr. President needs people of high caliber in rendering credible services, people with unquestioned integrity, people of rightly focused attitude and not those filled with unproductive pride. Should he be looking for such people, he will only desires to lengthen the above list without a change because the men herein are extraordinarily above the line of test especially with integrity.
To pepper my piece with political ciphers, I would eventually say, Dr. Yol hails from one of the most neglected areas of South Sudan but whose people haven’t complained even for a single minute to Mr. President. To clearly state the fact, it should be noted that people of Yirol have been silent not because they are unable to complain, rather it is because of nationalism and they have been challenging the nation that nationalism isn’t all about naggings and rebellions. Nationalism is more than that and that is why Yirol is silent.
To save our diminishing economy Dr. Yol or Dr. Achuek needs to be given the opportunity to rectify the already messed up economy for the reason that either of the mentioned gentlemen has what its take to rekindle the mess and straighten the paths towards prosperity. I hope this serves the day. Till then yours truly, Mr. Teetotaler!
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