Bank of South Sudan Governor’s Office Needs an Official Fixed Term of Service!
3 min read
Bank of South Sudan, BOSS
By ‘Ajakbaba’ Manyok Ajak, Glasgow – Scotland, United Kingdom
Thursday, January 6, 2022 (PW) — A stable custodian of the country’s money is a stable financial system in the Country. Bank of South Sudan (BoSS) also (the Central Bank of South Sudan) is the chief custodian of the South Sudanese Pound (SSP) and a lender of last resort to commercial banks in times of financial crisis.
It’s tasked with the duty to ensure monetary and financial stability, as it is a major goal by curbing inflation to desirable levels, which shall always stimulate economic growth and development.
The bank has witnessed persistent appointments and disappointments of its top management personnel over the years – the governor’s position such that the total number of governors who have served and got fired is now 6 in just a decade having one of them recycled in the same period meaning that each served for slightly above one and half years on average which is against tenor standards of five years or so.
This article aims not to dispute or question appointments or removals but rather to give expert advice on what stable central banking with a firm leadership would do for our economy if BoSS’s bosses are allowed to serve for a little longer terms of up to five years or more instead of one and a half or two years before one could be removed.
This period will make BoSS leadership fairly stable leadership and it will bring stability to South Sudan central banking because governors will have strategies to implement over a fixed time and hence, foster sound financial and economic stability that we need in the country.
It’s certain that economies, which now have fairly, stable currencies and financial track records are those who have had and still do have stable topmost senior management of their central banks for longer periods. For example, in Uganda, the current governor of the Bank of Uganda (BoU) was appointed in 2001 making him serve for two decades and still serving! While in Kenya the sitting governor of the Central Bank of Kenya got into office in 2015.
In contrast, in the UK, the last governor of the Bank of England whom Mr Andrew Bailey succeeded sat in office from 2013 – February 2020. So, here we can guess what our market would look like if we support justly fixed longer tenors of Boss’s governors. If this is done, we shall experience growth and currency stability miracles.
I take this opportunity to welcome and congratulate the newly appointed BoSS governor Hon. Moses Makur. Congratulations on winning the trust of our president who has placed you on the very top of our monetary authority.
The ball is now at your own court. However, given your long service in central banking, many believe that things will improve henceforth especially the ever-fluctuating currency prices will become fairly stable and that is all we need.
The author, ‘Ajakbaba’ Manyok Ajak, is the former Treasury Manager at KCB Bank and currently a Chevening Scholar, pursuing MSc. In Financial Economics at (Adam Smith Business School), University of Glasgow – Scotland, United Kingdom. He can be reached via his email: ajakbaba@gmail.com
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