South Sudan Government says its keen on setting up a stock exchange with the help of the Capital Markets Authority(CMA) of Rwanda. This emerged when a delegation of civil servants from the Republic of South Sudan visited the Capital Markets Authority of Rwanda last week and praised the Government of Rwanda for the steps made towards developing the financial markets sector in the country.
The South Sudan delegation was briefed on the background of CMA Rwanda as well as the role played by the regulator in the financial Markets industry.
The team was headed by Aggrey Tisa Sabuni–Presidential Advisor on Economic Affairs and Co-Chairperson of the High Level Committee for EAC. Sabuni recognised the Capital Market Authority and Rwanda at large for allowing them to make such wonderful study tour to the Capital Market Authority; he further stressed that this study visit will be fruitful for the development of South Sudan as a new country.
“No single country has ever been developed without having a strong capacity building, we should learn from our friends such as Rwanda to build our nation; we believe that people learn more by seeing and doing. When you get to learn about the advantages, and see others save and invest through the capital market, you become more encouraged to do the same things yourself,” said Sabuni.
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South Sudan recently ushered in a new transitional government and its finance minister, David Deng Athorbei urged ministry’s staffs to embark on efforts to address the country’s current economic crisis.
“I am not new in the ministry. I am old here but I have to tell you that this time is time of work. We have to work very hard. If we are committed, our performance will change and South Sudan’s economy will improve,” he said.
South Sudan’s new Transitional Government of National Unity faces an uphill task of reviving an economy largely dependent on oil resources to support its budget.
The oil sector, which accounts for over 90 per cent of government revenues, has been badly affected the recent war, in addition to the decline in oil prices on world markets.
Commodity prices also shot up due to the devaluation of the local currency, South Sudanese pound, which has gravely impacted on the transport sector in the country.
Analysts are optimistic that donor nations like the United States, Japan and China will aid the economy. Such assistance, however, will require that South Sudan to initiate economic reforms, fight corruption and improving its human-right records.
