2024 African Caucus Meeting Concludes on High Note in Abuja
BY MAJOK NIKODEMO:
Abuja, Aug. 2024-Bank of South Sudan’s (BoSS) participation in African Caucus Leadership Meeting was so remarkable as its Governor, Hon. Dr. James Alic Garang was honored to represent all governors in delivering an expression of gratitude keynote speech on behalf of fellow governors.
He was also among the panelists who discussed the Intra African trade and the digitization on the second day of the sessions.
The three-day event, held in Abuja, Nigeria, from 1st – 3rd Aug. 2024, was declared open by President of Nigeria, His Excellency Bola Tinubu, represented by His Excellency, Senator Kashim Shettima, the Vice President of Nigeria.
The theme of the 2024 Caucus Meeting “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa” identified major drivers for growth and development across the continent.
While acknowledging the pivotal role played by a host country, Nigeria, in organizing the event, Dr. Alic expressed especial profound gratitude to the President of the Federal Republic of Nigeria for hosting the 2024 Caucus of African Governors of the IMF- WBG.
BoSS Governor did not miss an opportunity to praise the people of Nigeria for warm welcoming. “Your hospitality made our stay even more amazing. The way you spoiled us makes any of us not to ever leave.” He noted that South Sudan under His Excellency, General Salva Kiir Mayardit, President of the Republic of South Sudan “looks forward to a day when we will host the African Caucus in Juba.”
In his op-ed, published by the local and regional media houses, titled “Why South Sudan boasts many potentials beyond oil,” Governor, Bank of South Sudan, Hon. Dr. James Alic Garang, underscored that South Sudan’s fortunes have been only associated by many people with oil resources. “They are partly right because the country has immense oil potential with the latest statistics pointing to 3.5 billion barrels of oil reserve, making it the singular contributor to the economy in the past,” he added.
What many do not know, Governor Alic, continued that many other factors could ensure sustainable development for South Sudan. For instance, South Sudan has other natural endowments besides oil.
He demonstrated that South Sudan has good investor-friendly policies, including capital mobility. The BoSS Governor emphasized beyond reasonable doubt that the stability brought by the Revitalized Peace Agreement, which has held well since 2018, is a leverage for the economic growth.
Dr. Alic set a tone and narrative for the BoSS and South Sudan, reiterating that the country is now deepening relations with international financial institutions, including the International Monetary Fund, World Bank, and African Development Bank, among others through making its voice louder and clearer.
BoSS Governor’s recognition during the event reflects his tireless efforts in strengthening and promoting the African Caucus while working then with IMF in Washington.
The Governors underlined four key pathways to boosting intra-Africa trade, namely:
- strengthening pan African payment ecosystem,
- enhancing energy access, affordability, and connectivity,
- leveraging partnerships with MDBs, and
- reforming global financial architecture.
Despite Africa’s remarkable resilience, evidenced by its GDP growth, intra-African trade remains low, accounting for only about 14.4% of total African exports.
In case of South Sudan, the raging conflict in neighboring Sudan, has hard hit the oil flow from South Sudan through Sudan to the international market, hence exacerbating woes of South Sudan’s economic growth.
The Caucus reiterated the call of Heads of State to donor countries for an ambitious and robust IDA21 replenishment at a US$120 billion target to combat persistent and emerging challenges such as climate change, food insecurity, energy deficit, and fragility.
The meeting recognized the importance of intra-African trade in unlocking production, investments, and jobs in Africa. It also took cognizance that African countries continue to trade with the rest of the world more than among themselves. The meeting agreed that addressing both tariff and non-tariff barriers to intra-African trade—including fragmented payment ecosystems.
It goes without saying that Africa must expedite intra African trade growth, which accounts for only about 14.4% of total African exports. This percentage is low compared to the size of continent, whose total population may surpass over a decade those of China or India.