(JUBA) – The Governor of the Bank of South Sudan (BoSS), Hon. Dr Addis Ababa Othow, has announced the beginning of a national currency reform process aimed at improving monetary stability, enhancing currency security and strengthening the country’s financial system.
Dr Othow made the statement while chairing a high level meeting at the BoSS headquarters in Juba, which brought together top officials, including the First and Second Deputy Governors, Directors General, and senior bank staff. The meeting marked the official launch of the Currency Management Committee (CMC), a body tasked with proposing reforms to the South Sudanese Pound (SSP).
“This meeting sends a strong message. We have started the journey of fixing and managing our currency. It is an inclusive process that will leave no one behind,” Governor Othow said.
The Currency Management Committee, led by First Deputy Governor Hon. Samuel Yanga Mikaya, has been assigned to review the current structure of the SSP, examine previous reform efforts, and recommend new strategies in line with the country’s economic needs and regional financial standards.
Deputy Governor Mikaya assured the public that the committee will provide practical solutions.
“The committee will study the current situation and recommend tangible solutions to address liquidity challenges,” he stated.
Second Deputy Governor Hon. Rita Nyankiir Akoon described the meeting as an “eye-opener,” applauding Governor Othow’s leadership in initiating what she called a crucial national effort.
The discussions focused on key reform areas including improving monetary policy, addressing cash flow and liquidity problems, enhancing digital banking infrastructure, and upgrading the security features of the national currency.
Governor Othow stressed that the main objective of the reform is to support BoSS’s vision of maintaining price stability and building a strong and credible financial system that can serve both the people of South Sudan and the broader economy.
This reform process is expected to help restore public confidence in the national currency and reduce the reliance on foreign currencies, especially the US Dollar, in local transactions. With the official exchange rate standing at 4,600 SSP to 1 USD as of July 2025, concerns have grown over the weakening of the SSP in recent years.
The Central Bank’s leadership has emphasised that the reform process will include consultations with key stakeholders and will prioritise transparency and accountability throughout its implementation.
The welcoming ceremony and strategy meeting were attended by members of the BoSS Board, management and staff.
