News / Africa

South Sudan Could be Africa Powerhouse: ex-IMF head

Former International Monetary Fund chief Dominique Strauss-Kahn (File)Former International Monetary Fund chief Dominique Strauss-Kahn (File)
x
Former International Monetary Fund chief Dominique Strauss-Kahn (File)
Former International Monetary Fund chief Dominique Strauss-Kahn (File)
Charlton Doki
South Sudan has the potential to become an economic powerhouse in Africa if the government pursues the right policies, former International Monetary Fund chief, Dominique Straus Kahn, said Tuesday during a visit to the world's newest nation.

“I do believe that there is a lot to do here," Strauss-Kahn said.

"The country has a lot of natural resources and so the possibility for this country to become one of the strong countries among African countries is for me... a challenge that is possible to win.”

Strauss-Kahn was in Juba to inaugurate a new bank, the National Credit Bank, nearly two years after he resigned from the IMF amid a widely publicized sex scandal that ended his IMF and political career.

Gaining independence at a time of global economic crisis, as South Sudan did, is not easy, Strauss-Kahn said, but he insisted that. with right economic policies, the country will prosper.

The "right economic policies" were, he implied, allowing free market forces to work.

"The temptation to go through a state-owned company and for having the  state putting its fingers everywhere is something which is very difficult to face,” he said.

Despite being endowed with abundant natural resources, South Sudan remains one of the poorest countries on the African continent with around four million of the population of 10 million still living in poverty, the National Bureau of Statistics says.

Strauss-Kahn said that for South Sudan to realize its economic potential, the country needs to attract foreign direct investment and develop the South Sudanese "brand."

"Many people just don’t know that you have here your own republic, which is only about two years old," he said.

"So... just explaining to the rest of the world that you have here about 10 million people with a lot of resources and that you want to develop and that there are a lot of opportunities for business is something that has to be done.”

He also warned against an over-reliance on oil for revenues, as is currently the case in South Sudan.

"When 95 percent or 98 percent of your resources comes from oil, it is very difficult to say that you are going to diversify rapidly," Strauss-Kahn said.

"Nevertheless, it has to be done, especially in the direction of agriculture because the problem of food security is certainly a problem here."

The Governor of South Sudan’s Central Bank, Kornelyo Koriom, said South Sudan is doing everything it can to improve the investment climate in the country to attract business.

Strauss-Kahn, a one-time French presidential hopeful and former head of the IMF resigned from his post after a hotel maid in New York accused him of sexual assault in May 2011.

US prosecutors eventually dropped criminal charges against Strauss-Kahn, saying Nafissatou Diallo, the maid, was not a credible witness.

You May Like

Photogallery Pistorius Sentenced, Taken to Prison

Pistorius, convicted of culpable homicide in shooting death of girlfriend Reeva Steenkamp, will likely serve about 10 months of five-year sentence, before completing it under house arrest More

UN to Aid Central Africa in Polio Vaccinations

Synchronized vaccinations will be conducted after Cameroon reports a fifth case of the wild polio virus in its territory More

WHO: Ebola Vaccine May Be in Use by Jan.

WHO assistant director Dr. Marie Paule Kieny says clinical trials of Ebola vaccines are underway or planned in Europe, US and Africa More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
After Decades of Pressure, Luxembourg Drops Bank Secrecy Rulesi
X
October 21, 2014 12:20 AM
European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.
Video

Video Young Nairobi Tech Innovator on 'Track' in Security Business

A 24-year-old technology innovator in Nairobi has invented a tracking device that monitors and secures cars. He has also come up with what he claims is the most robust audio-visual surveillance system yet. As Lenny Ruvaga reports from the Kenyan capital, his innovations are offering alternative security solutions.
Video

Video Latinas Converting to Islam for Identity, Structure

Latinos are one of the fastest growing groups in the Muslim religion. According to the Pew Research Center, about 6 percent of American Muslims are Latino. And a little more than half of new converts are female. VOA’s Carolyn Presutti travelled to Miami, Florida -- where two out of every three residents is Hispanic -- to learn more.
Video

Video Exclusive: American Joins Kurds' Anti-IS Fight

The United States and other Western nations have expressed alarm about their citizens joining Islamic State forces in Syria and Iraq. In a rare counterpoint to the phenomenon, an American has taken up arms with the militants' Syrian Kurdish opponents. Elizabeth Arrott has more in this exclusive profile by VOA Kurdish reporter Zana Omer in Ras al Ayn, Syria.
Video

Video South Korea Confronts Violence Within Military Ranks

Every able-bodied South Korean male between 18 and 35 must serve for 21 to 36 months in the country’s armed forces, depending upon the specific branch. For many, service is a rite of passage to manhood. But there are growing concerns that bullying and violence come along with the tradition. Reporter Jason Strother has more from Seoul.
Video

Video North Carolina Emerges as Key Election Battleground

U.S. congressional midterm elections will be held on November 4th and most political analysts give Republicans an excellent chance to win a majority in the U.S. Senate, which Democrats now control. So what are the issues driving voters in this congressional election year? VOA National Correspondent Jim Malone traveled to North Carolina, one of the most politically competitive states in the country, to find out.
Video

Video Comanche People Maintain Pride in Their Heritage

The Comanche (Indian nation) once were called the “Lords of the Plains,” with an empire that included half the land area of current day Texas, large parts of Oklahoma, New Mexico, Kansas and Colorado.The fierceness and battle prowess of these warriors on horseback delayed the settlement of most of West Texas for four decades. VOA’s Greg Flakus reports from Lawton, Oklahoma, that while their warrior days are over, the 15,000 members of the Comanche Nation remain a proud people.
Video

Video Turkey Campus Attacks Raise Islamic Radicalization Fears

Concerns are growing in Turkey of Islamic radicalization at some universities, after clashes between supporters of the jihadist group Islamic State (IS) or ISIS, and those opposed to the extremists. Pro-jihadist literature is on sale openly on the streets of Istanbul. Critics accuse the government of turning a blind eye to radicalism at home, while Kurds accuse the president of supporting IS - a charge strongly denied. Henry Ridgwell reports from London.

All About America

AppleAndroid