By Alan Clement
President Salva Kiir has urged the newly appointed Governor of the Bank of South Sudan, Yeni Samuel Costa to move swiftly toward finding a sustainable solution to the country’s deepening liquidity crisis.
In a statement from the Presidential press unit, the Head of State made the remark during Monday’s swearing‑in ceremony at State House.
Kiir emphasized that the Central Bank must urgently stabilize the financial system and restore confidence in the economy.
“The new leadership must move swiftly to restore confidence and ensure the bank fulfills its role as the guardian of monetary stability,” noted the Head of State.
Costa’s appointment comes at a time when the liquidity crunch has eroded public trust in financial institutions, delayed salary payments, and left businesses struggling to access credit.
The presidency later issued a statement underscoring the urgency of the directive, noting that the liquidity crisis is a symptom of deeper structural weaknesses.
“Our economy has been under strain due to external shocks and internal inefficiencies. The liquidity crisis must be addressed through reforms in the financial sector,” stated the President.
South Sudan’s economy remains heavily dependent on oil revenues, which account for more than 90 percent of government income. Fluctuating global oil prices, limited foreign currency reserves, inflationary pressures, and weak fiscal management have left the country vulnerable to recurrent liquidity shortages.
Analysts warn that without urgent intervention; the shortage could further erode public trust in financial institutions and stall economic recovery.
Costa’s appointment is seen as part of efforts to inject new energy into the Central Bank and strengthen its capacity to manage monetary policy.
The directive signals a push for immediate stabilization measures while laying the groundwork for long‑term reforms.
Last week President Salva Kiir sacked the Vice President and the chair of the economic cluster, Dr. Benjamin Bol Mel along side Dr. Addis Ababa Othow, the governor of the Bank of South Sudan, and Simon Akuei Deng, the commissioner for the South Sudan Revenue Authority (SSRA).
The president appointed Yeni Samuel Costa as the new governor of the Bank of South Sudan replacing Dr. Addis Ababa Othow.
Recently during a sitting in the Transitional National Legislative Assembly (TNLA), lawmakers from across the political spectrum sounded the alarm over severe cash shortages crippling commercial banks and the Central Bank of South Sudan.
Also in separate report, the MTN Mobile Money (MoMo) customers expressed frustration over insufficient cash to withdraw or deposit.
Most customers expressed that despite the call to embark on electronic transaction cash withdrawal continue to be challenge in most business areas