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BoSS governor participates in Sub- Saharan Africa group discussions

BoSS governor participates in Sub- Saharan Africa group discussions

Bank of South Sudan’s Governor Hon. Johnny Ohisa Damian participated in the Financial Stability Board (FSB) Sub- Saharan Africa group discussion on global and regional vulnerabilities, in addition to climate related risks and cross- border payments.

The FSB is a regional consultative group for Sub-Saharan Africa which met in Diani, Ukunda, hosted by the Central Bank of Kenya, to discuss global and regional economic and financial market challenges, as well as progress in strengthening arrangements for crisis preparedness and management. Members also received an update on the FSB’s work plan for 2023.

The Bank of South Sudan, along with the Bank of the Republic of Burundi, Central Bank of Congo and National Bank of Rwanda are not members of FSB. However, they participated on the invitation of the Governor for the Central Bank of Kenya, Hon. Patrick Njoroge.

The group discussed the increasing challenging outlook for financial stability in the region arising from volatile commodity markets, high inflationary pressures and tighter global financial conditions. Further more the group touched on episodes of illiquidity in various financial markets and other vulnerabilities affecting the region, such as the stress in global energy prices and rising debt levels. The limited fiscal policy space of many authorities in the region preparedness and management in the region and the importance of cross-border cooperation

It was noted that food insecurity is a growing issue both because of short-term supply constraints and more fundamentally through climate change.

Hon. Johnny Ohisa Damian and the Deputy Governor for the Central Bank of Kenya, Hon. Sheila M’ Mbijjjewe were lead discussants in seminar chaired by the Governor for the South African Reserve Bank on Food insecurity and climate change.

The Governor of Bank of South Sudan highlighted the grave impacts of climate change related risks, with Sub-Saharan Africa bearing the brunt of these impacts. He further warned that studies have shown that Sub-Saharan Africa will be the most food insecure region in the coming years and more must be done collectively to mitigate the looming scenarios. Hon. Johnny touched on the impacts of climate related issues in the context of the Republic of South Sudan, where he highlighted the floods which affected most of South Sudan and the subsequent displacements, crop destructions and the financial costs that have contributed in greater food insecurity.

In his closing remarks, Hon. Johnny stressed the need for mitigation and adaptation, and warned that if we continue discussing this matter without tangible actions, these situations will continue to get worse and reach dire levels. “Therefore, governments must collectively adopt policies for mitigation and adaptation, and it should not be confined to a certain institution.”

Written by Akot Arthur Akuien

Edited by Chance Baniko

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