October 11, 2020 (Thessherald)–A local anti-corruption group, Integrity South Sudan, has warned that changing the national currency will not be a viable solution to improving the economy as long as the ongoing corruption continues in the country.
“Changing the national currency may not be a worthwhile option for South Sudan moving forward if it continues with rampant corruption,” the whistle-blowers said in a statement on Saturday.
Adding that, “By South Sudan using the word hyperinflation is a clear induction that the government has surely failed to control the inflation levels and because of hyperinflation South Sudanese currency lost its value. But the question is what factors played the role in deteriorating the South Sudanese pounds? And indeed there can be many factors that can play a major role to fuel hyperinflation in the economy for example the rampant/mismanagement of resources and the civil war.”
The group underlined that even if the country were to print dollars as tried by Zimbabwe in the past, the country would instead experience an unprecedented recession and other consequences.
“And even if we print our own dollars just like Zimbabwe who printed their own dollars but instead their economy continue to worse.”
“We see a lot of dollars in the hands of black marketers and security [agents] were deployed to arrest those selling dollars but they continue favoring their own people and this is evidence on street you will find a group of people who are selling and buying dollars openly. So is the issue currency or weak institutions?,” asked ISS.
The group pointed out that if the government is serious about addressing the economic crisis, it should pursue accountability and arrest anyone found to be hoarding money in their homes.
“If the government is serious to change the currency then, the government must now monitor those depositing huge sum of money into the banks now because most of them might be the corrupt leaders who were storing the corrupted money in their houses.”