👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

South Sudan president fires another central bank governor

Published 10/03/2023, 04:13 AM
Updated 10/03/2023, 04:16 AM
© Reuters. South Sudan's President Salva Kiir attends a meeting with Russia's President Vladimir Putin at the Kremlin in Moscow, Russia, September 28, 2023. Sputnik/Vladimir Astapkovich/Pool via REUTERS/File photo
USD/SVC
-

JUBA (Reuters) - South Sudan's President Salva Kiir has sacked central bank governor Johnny Ohisa Damian and other senior finance officials, state television announced, the second time he has removed a central bank chief in just over a year.

The announcement made late on Monday did not give a reason why Kiir was removing Damian and appointing James Alic Garang, an advisor to the International Monetary Fund, in his place.

Kiir also replaced the central bank's two deputy governors, the head of the government's revenue authority and other senior officials in the finance and trade ministries.

Abrupt changes to the leadership of the central bank and finance ministry have been frequent in recent years and in 2020 alone the central bank governor was replaced twice.

Damian only took up the position in August 2022 after Moses Makur Deng was removed from the role.

South Sudan's economy has been depressed since a civil war that erupted in 2013, forcing about a quarter of its population to flee to neighbouring countries.

© Reuters. South Sudan's President Salva Kiir attends a meeting with Russia's President Vladimir Putin at the Kremlin in Moscow, Russia, September 28, 2023. Sputnik/Vladimir Astapkovich/Pool via REUTERS/File photo

The war cut oil production, the mainstay of economic activity. While crude output has improved in recent years, it is yet to reach levels seen before the war.

Production in other sectors like agriculture has also plummeted, while in 2020 the double blow of the COVID-19 pandemic and plunging oil prices added to South Sudan's woes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.