JUBA – South Sudan is witnessing an accelerating economic decline amid continued deterioration in the exchange price of the South Sudanese pound, a rising inflation rate and a great hike in the prices of essential commodities.
Speaking to Sudans Post in Juba on Tuesday afternoon, several traders said United States Dollar rate has sharply risen from 450 SSP against $1 on Sunday, to 500 South Sudanese Pounds by Monday evening.
“As I speak to you currently, I haven’t sold any dollar today, but the last price I remember yesterday is that the dollar was being traded for 500 South Sudanese Pounds up from 450 South Sudanese pound last Sunday,” the trader who requested not to be named said.
Asked what he sees in the week ahead, the trader said there are always hopes that the economy improve, but said any possible change in the state of economy cannot be speculated saying “let’s wait for it.”
“We cannot speculated what we think will come, all of us we need change in the economic system in the country, now you cannot take your money to the bank because when you go there the next day, they tell you there is no money,” the trader added.
Last month, economist and Vice Chancellor of Dr. John Garang Memorial University Abraham Matoc said South Sudan government should intervene in free market economy to adopt price control to protect low-income consumers.
Professor Matoc said the assumption of a free-market economy can’t prevent government from regulating prices of commodities in the market and argued that South Sudan is still developing economically which makes it possible for the government to regulate the prices of commodities.