Accordingly, the Bank was established as an autonomous body with the primary objective to maintain monetary and domestic price stability. Other objectives that are subordinated to this primary objective are to:
(a) foster the liquidity, solvency and effective functioning of a stable market-based financial system; and
(b) promote a safe, sound and efficient National Payment System, which aims to maintain the stability of the financial system as a whole.
Without prejudices to the primary objectives, the Bank is also entrusted with the objective of supporting the general economic policies of the Government of South Sudan in promoting sustainable economic growth of the RSS.
In order to meet the primary and other objectives, BoSS developed its first strategic plan (2018-2022) and launched it in March 2018. Since then, the Bank has been exerting efforts to implement its strategy in a context filled with a multiplicity of internal and external challenges. Apart from the experience gained with respect to strategy formulation, the Bank was able to implement some projects, realize certain results and learn from its successes and implementation weaknesses/challenges.
The year 2022 marks the end of the first strategic plan implementation period. As a continuation of the effort to manage its performance strategically and transform the Bank into a mission/vision-oriented, strategy-led organization, the Top Management of the Bank envisaged developing its second Strategic Plan (2023-2027).
The Bank then hired an independent (external) Consultant and conducted a summative evaluation of the implementation of the first strategic plan. Findings of the summative evaluation revealed that BoSS was able to develop a very good Strategic Plan document (with a score of 95 out of 100%) while its main gap was in implementation. The findings and recommendations of the summative evaluation are used as inputs for the development of this Strategy 2023-2027.
The Strategic Planning Framework (Balanced Scorecard)
In developing this Strategic Plan, the Bank adopted the nine-step Balanced Scorecard (BSC) Framework of the Balanced Scorecard Institute, which is an award-winning, state-of-the-art methodology or tool for strategic performance management. It is an integrated planning, communication as well as measurement tool. Adhering to the first six (6) steps of the BSC Framework, the Bank:
- Carried out an assessment, which is an analysis of the internal and external environment (SWOT/PESTEL analysis); mandate analysis; and, Customer/Stakeholder analysis; identified the Enablers and Challenges; and, identified the Strategic Issues.
- Laid down the Strategic Foundations (Strategy), including identification of the Strategic Themes or Focus Areas, Strategic Results and Perspectives; and, validation of BoSS Vision, Mission and Core Values;
- Developed the Strategic Objectives, Objective Commentary and
- Crafted a Strategy Map, which is the diagrammatic representation of the cause-and-effect relationships among the Strategic Objectives and a tool for telling the story of how BoSS intends to create value to its Customers and Stakeholders;
- Identified Performance Measures or Key Performance Indicators (KPIs) for each Strategic Objective; and, set Performance Targets; and
- Identified and prioritized relevant Strategic Initiatives (Enabling Projects) that help realize the Strategic Objectives.
The Planning Approach
In developing the 2023-2027 Strategy, BoSS followed a hybrid approach in which it employed a professional support from an external Consultant and organized, trained and deployed a team of internal Balanced Scorecard Champions. In developing the Strategy, BoSS:
- Delivered trainings to all DGs, Directors, Deputy Directors as well as heads of Divisions and Sections to enhance their conceptual understanding about Strategic Performance Management and the Balanced Scorecard Framework;
- Considered inputs obtained from group presentations and discussions in the trainings;
- Conducted interviews with Board members of, DDs and some Key Stakeholders,
- Administered questionnaire to the Bank’s Management and Staff, including Branches;
- Conducted Focus Group Discussions in all Departments and Branches;
- Reviewed several documents and other sources of secondary data; and
- Conducted several validations workshops.