By Kei Emmanuel Duku
A two-year investigation by the UN Commission on Human Rights, whose report was released Tuesday in Nairobi, reveals a stark contradiction in South Sudan.
While the country struggles with economic hardship, including conflict, inflation, and ever-increasing market prices, its government generated over $23 billion from oil exports between July 2011 and December 2024.
South Sudan Government is yet to respond to the report.
The report highlights that none of this money has been injected back into the economy to bring stability.
The report, which cites the government’s own data, highlights the nation’s extreme reliance on oil, with exports accounting for 85 to 90 percent of its national revenue.
In addition to oil export revenue, the government received at least $2.2 billion in outstanding oil-backed foreign loans during the same period, bringing the total estimated oil-related income to at least $25.2 billion.
However, the commission’s findings underscore a precarious financial situation fueled by mounting public debt.
This was evident in the 2022-2023 fiscal year, when servicing these loans consumed 26 percent of the national budget before repayments were suspended in the second half of 2023.
According to the UN Human Rights Commission investigation, most of South Sudan’s debt stems from expensive, predatory commercial loans backed by future oil sales.
This has led to the government facing increasing litigation in international courts. For example, in February 2024, the International Centre for Settlement of Investment Disputes ordered South Sudan to repay over $1 billion for a loan whose funds were largely stolen in the 2012-2015 “Letters of Credit” corruption scandal.
Similarly, in May 2025, a UK High Court judge ruled that South Sudan owed $657 million to the African Export-Import Bank (Afrexim) for three loan facilities from 2019 and 2020. The court also determined that the outstanding balance would accrue an additional 13.5 percent interest from January 31, 2025.
The commission noted that despite the suspension of debt repayments, a new loan of $13 billion was negotiated in late 2023 by the then-Minister of Finance and National Planning with a company registered in the United Arab Emirates.
In late 2023, two different individuals served as Minister of Finance and National Planning. Dier Tong Ngor held the position from August 4, 2022, to August 3, 2023, while Barnaba Bak Chol replaced him, serving from August 3, 2023, to March 15, 2024.
The negotiated deal allegedly involved sanctioned Sudanese national Ashraf Seed Ahmed Al-Cardinal. If finalized, this loan would be the largest the country has ever undertaken and could encumber at least 17 years of South Sudan’s oil production. By the end of 2024, the loan’s status remained unclear, with information suggesting it was unlikely to be realized.
The report also addresses South Sudan’s use of the International Monetary Fund’s (IMF) “Rapid Credit Facility,” which provided three disbursements between 2020 and 2023. Subsequent audits found irregularities, including missing money and unauthorized transfers, highlighting a pattern of mismanagement and corruption. As a result, a request for a fourth, larger round of IMF assistance in early 2024 was unlikely to be granted, particularly due to strong opposition from the United States and the country’s failure to meet required benchmarks.
South Sudan has consistently been ranked as one of the most corrupt countries in the world. According to the 2024 Corruption Perceptions Index (CPI) published by Transparency International, South Sudan was ranked last out of 180 countries, with a score of just 8 out of 100. This places it below other nations grappling with significant challenges, such as Somalia, Venezuela, and Syria.
The low score reflects the pervasive perception of public sector corruption, which international bodies and civil society groups argue undermines governance, fuels conflict, and diverts funds from essential public services.