James Alic Garang, governor, Bank of South Sudan, and chair of the monetary affairs committee for the East African Community, has highlighted investment opportunities in his country.
Garang is in Nigeria for the meeting of the meeting of African Central Bank Governors holding in Abuja this Friday.
“The country encourages investors to invest in key sectors of the economy, especially in agriculture where we have a comparative advantage. Second, we invite everyone to come in and experience our investor-friendly policy environment. After all, we proudly announce that South Sudan is open for business, and all are welcome,” he said.
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In a statement seen by BusinessDay, he said that South Sudan’s economic future held more than its well-known oil reserves. With an estimated 3.5 billion barrels of oil, the sector has been the backbone of the economy. However, Garang highlighted the need for a diversified approach to ensure sustainable development.
“While it’s true that oil has been our primary economic driver, South Sudan is endowed with other natural resources and has implemented investor-friendly policies to attract diverse investments,” Garang stated. “The Revitalised Peace Agreement, holding strong since 2018, has laid a foundation for these endeavours, leading us toward the general elections in December 2024.”
Garang outlined the tumultuous history of South Sudan, detailing its journey from a brutal conflict starting in 1955 to gaining autonomous status in 2005 after the Comprehensive Peace Agreement. Despite a resurgence of internal conflict in 2013, the country has been establishing governance institutions and fostering relationships with international financial bodies such as the IMF, World Bank, and African Development Bank.
“The conflicts and focus on oil have hindered our economic diversification,” Garang admitted. “But now, we’re exploring untapped sectors like agriculture, tourism, fishing, timber, and mining. These sectors have enormous potential and are crucial for our economic resilience.”
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Recent studies have highlighted South Sudan’s vast mineral wealth, with significant deposits of gold, iron ore, copper, zinc, and other precious minerals spread across the country. Additionally, an aerial survey in June 2024 revealed that South Sudan experiences the world’s largest mammal migration, with about six million antelopes crossing annually, surpassing the renowned wildebeest migration in the Serengeti.
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