The recent call on the Bank of South Sudan (BoSS) to buy crude gold from local miners in Eastern Equatoria must be implemented

During this week in the meeting with BoSS officials, the Governor of Eastern Equatoria State (EES), Louis Lobong Lojore, urged the officials to purchase gold directly from local miners.

The governor revealed that foreign traders continue to buy crude gold cheaply from the locals.

As a way forward, the governor requested the bank officials to buy in Eastern Equatoria in order to boost the country’s foreign exchange reserve.

In South Sudan, just like in other countries, it is expected to play an important role in the financial reserves, such as boosting economic stability.

Whereas gold earnings remain in hard currency, it is seen that it will stabilize and improve the value of the local currency since there will be enough dollars.

As gold prices tend to rise when the US dollar falls in value.

Gold has been an essential component in the financial reserves of nations for centuries, and its appeal is showing no sign of diminishing, with central banks set to be net purchasers in some countries.

One of gold’s primary roles for central banks is to diversify their reserves; hence, South Sudan must strengthen the bank to engage in purchasing gold.

It is not the first time the government has planned to buy gold from the local; however, it has not been implemented.

There is a need for the National Government and the Bank of South Sudan in particular to respond to the EES call and start to buy gold from the locals across the country instead of leaving it in the hands of foreign traders.