The head of state has been tasked with utilizing the chance to address rising living expenses and a weakening pound.
After an almost four-month break, parliament will formally reopen with President Salva Kiir in attendance. The head of state has been tasked with utilizing the chance to address rising living expenses and a weakening pound.
A civil society organization urges President Slava Kiir to solve the nation's worsening economic situation. The Community Empowerment for Progress Organization (CEPO) stated that they anticipate the president's speech, which he would give today to start parliament, will focus on problems that impact regular people.
According to Edmund Yakani, executive director of CEPO, "I wish President Kiir should address the growing and increasing pressure of the economic situation, which results in the suffering of the people in the country."
According to Edmund, the president must issue a clear direction regarding a currency continuing to decline against the dollar and other significant currencies. The pound is on track to reach a record low of 1,000 to the dollar.
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As a result, the cost of necessities has skyrocketed, leaving the average citizen with little money in their pockets. "Some institutions charged excessive dollar rates, which added to the hardship of South Sudan's ordinary citizens. Therefore, the government must lower the dollar exchange rates, he said.
According to CEPO, most families find it challenging to provide food due to the rising dollar. In addition, when the pound is weaker, local importers who purchase in dollars must spend more on the importation, passing the cost to the final customer.
Yakani suggests that President Kiir appoint a commission to examine the economy and offer suggestions on preserving the local currency. Yakani urged the president to take strict action against individuals in charge of the illegal market, resulting in a depreciating pound.
Despite several policies and measures, such as the central bank's ban on using dollars in domestic transactions and the injection of hard currency into the markets to lower the high cost of living that affects some households and business sectors in the nation, the economy continues to deteriorate.
To slow the country's economy last week, the Central Bank of South Sudan issued a daily auction to commercial banks and forex bureaus for 5 million US dollars.