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August 31, 2024 (Juba) – The Governor of the Central Bank of South Sudan, James Arik Garang, travelled to the Nigerian capital, Abuja, to attend the 2024 Africa Caucus Meeting.
The conference, hosted by Nigeria’s Federal Ministry of Finance from August 1 to 3, provided an opportunity for South Sudan to showcase areas where foreign companies and financial institutions could invest in this country with great potential.
The three-day meeting aims to discuss intra-African trade as a key catalyst for sustainable economic growth and prepare inputs for the annual meetings of the International Monetary Fund (IMF) and the World Bank.
The statement noted that the Governor of the Central Bank of South Sudan will use the opportunity of the meeting to explain how monetary policy is coordinated with fiscal and economic strategy-related institutions to understand how the government can work together to promote investment in key economic sectors.
The conference focused on agriculture, transport infrastructure, oil, mining and energy, seeking to unlock economic potential and promote diversified growth.
Garang insisted that financial inclusion is one of the areas where investments can be explored to reduce the gap in rural and urban economic growth.
He advocated for commercial banks to lend to small business owners and stabilize consumer prices through savings as part of efforts to control inflation, which has been exacerbated by falling oil prices and chaos caused by the conflict in Sudan, which exports crude oil to international markets.
The Africa Caucus was established in 1963 to strengthen the voice of African governors in the Bretton Woods institutions (also known as the International Monetary Fund and the World Bank Group) on development issues of particular concern to Africa. Membership in the Caucus is open to all African countries in the IMF and the World Bank Group. Currently, all 54 countries on the African continent are members.
(English stone)
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