President Kiir’s appointments aimed at finding Central Bank solution, says economist
Renowned economist Dr. Abraham Maliet, terms recent appointment of Addis Ababa Othow as the new Governor of central bank, a possible turning point for the country’s struggling financial sector
By Aguok Chok
In an exclusive interview with the City Review, renowned South Sudanese economist Dr. Abraham Maliet praised the recent appointment of Addis Ababa Othow as the new Governor of the Bank of South Sudan (BoSS), calling it a possible turning point for the country’s struggling financial system.
Dr. Maliet described the frequent changes in the leadership of the Central Bank as the President’s ongoing quest for effective solutions. “Two years ago, somebody from the City Review asked me, why do you think the president changed ministers of finance from time to time? And my answer was that the president is looking for solutions,” he stated. “I believe that is true. Even when he says he’s looking for solution, it was my statement.”
Since 2017, South Sudan has had almost six different governors at the helm of the Central Bank, a sign of persistent challenges. According to Dr. Maliet, the core responsibilities of the Bank acting as the government’s custodian of funds and regulating monetary policy have not been adequately fulfilled in recent years. “The bank’s role is to keep that money there by making monetary and physical policies in conjunction with the ministry of finance,” he said.
He pointed to the misuse of private bank deposits by former governors as one of the greatest problems. “Over the years, the money was used by the other governors. That belonged to private bank,” he revealed. However, with Addis Ababa Othow’s background in both the central and commercial banking sectors, Dr. Maliet believes this issue can be addressed effectively. “It will be able to force them understanding with this private bank and eventually, it will generate enough resources to be able to guarantee the deposit of the private bank available in the Bank of South Sudan.”
Highlighting Othow’s impressive track record, Dr. Maliet noted: “He was the managing director of Equity Bank. Equity Bank is one of the best performing banks in the region… and among the leading banks in the world.”
He also emphasized on the importance of teamwork and collaboration: “He will not work single handedly. He will actually coordinate and collaborate and work collaboratively with all the sectors of the economy.”
Dr. Maliet expressed optimism that the new governor’s commercial banking experience, combined with his understanding of the local economy, gives him a unique advantage. “He knows how to monetize some of the resources we have. We do have gold. We do have cotton. We do have minerals. They can be monetized. The bank can invest in these things.”
Looking ahead, he called on the broader economic community to rally behind the new governor. “All of us in the sector, all of us in the economic arena, we are happy to give them our support and assistance like that, so that they do not disappoint the president.”
In conclusion, Dr. Maliet reaffirmed his belief in the new appointee’s ability to bring stability and sustainability. “Perhaps Mr. President has just fit the backwards by bringing Addis. He’s a jackpot.”
President Kiir, on looking for solutions
In July last year (2024), during the swearing in of Dr. Marial Dongrin as new finance minister, President Salva Kiir sought to address reasns why he frequently fired ministers from the docket. The President said he is searching for someone who is capable of stabilizing the struggling economy.
At the time, the President had just sacked minister Wow Daniel Chuang, who had just served four months in the seat, coming in as the sixth official since 2020.
“When I succeed in getting the right person, I will hold him firmly and will not let him go. So, I will tell him to continue working,” said Kiir, in what has today become a popular phrase, perched on song lyrics and scripted by economists and writers alike.
The phrase, well packaged as an anecdote in Slate Nation’s song “SOLUTION: H.E President Salv Kiir Mayardiit”, where the president is heard clarifying that he is looking for solution.
Hence, could the president have, finally, found a solution to the Bank of South Sudan leadership through the new Governor?
