South Sudan Central Bank wins continental prize

July 17, 2024 (JUBA) – South Sudan’s central bank has won a continental award, boosting its image and differentiating it from international and regional banks.

The award was presented by African Leadership Magazine to Central Bank Governor James Alic Garang at a ceremony in London on July 17, 2024.

The bank, under Garang’s leadership, has been praised for its commitment to financial inclusion, promoting initiatives to extend banking services to rural populations and encouraging economic participation and empowerment at the local level.

The magazine prioritized the development of digital banking infrastructure, recognized its potential to stimulate economic growth and modernize the financial landscape, promoted investment, improved risk management and embraced technology. These are some of the initiatives and efforts that the magazine recognized.

Several officials and government institutions said the award will inspire efforts to shape the direction of the country’s economy and governance.

“The Honourable Dr James Alic Garang, Governor of the Central Bank of South Sudan, has been exemplary, particularly in spreading the development of digital banking infrastructure,” a statement from the Central Bank read about the state-owned SSBC.

Others within government and the private sector see recognition as crucial to promoting economic growth and modernizing the region’s financial landscape.

Prime Minister of the Commonwealth of the Bahamas Phillip Davies praised Garang for his professionalism and dedication to economic development.

According to Davies, Garang’s efforts have significantly improved access to finance for small businesses, not only in South Sudan, but across Africa.

Earlier this year, the Central Bank Governor was also honoured by the United States House of Representatives in South Carolina and the African Leadership Organisation for his expertise and contribution to economic development.

Garang dedicated the award to the people of South Sudan and President Salva Kiir for their support and guidance in efforts to improve the economic situation.

“First of all I want to present this award which has been given to both the people of South Sudan and our President, His Excellency Salva Kiir Mayardit. They support us at the Bank of South Sudan to do what we do and to achieve this award. Without the presence of the people of South Sudan and our President, this award would not have happened. So I want to say please help and thank the people of South Sudan,” Garang said while receiving the award.

The award has received mixed reactions, with some questioning specific achievements. Others argued that the objectives of the award are meant to motivate and promote the bank’s leadership to manage and perform with greater zeal and determination to make a difference despite the economic challenges the country is going through.

Some say the summit was an opportunity to highlight areas in the economic sector that could potentially attract investors in different sectors, as leaders push to diversify the economy and reduce its reliance on oil revenues.

A statement released ahead of the summit described the Africa Summit as a premier annual program organized by African Leadership magazine. It began in 2016. It brings together policymakers, political and business leaders, diplomats, civil society leaders, thought leaders and stakeholders from Africa, the United Kingdom and the rest of the world to discuss various issues relating to the social, economic and environmental sustainability of Africa.

According to forecasts by the International Monetary Fund (IMF) and the Economic Intelligence Unit (EIU), Africa’s economic growth will accelerate significantly in 2024, making the continent the second fastest growing region with an average growth rate of 4 percent. However, Chatham House, a London-based think tank, identifies underlying challenges that need to be addressed.

(ST)