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

IS Militants Release 49 Turkish Hostages

Turkey's state-run Anadolu news agency reports that no ransom was paid and no conditions accepted for the hostages' release; few details of the release are known More

Photogallery IS Attacks Send Thousands of Syrian Kurds Fleeing to Turkey

Syrian Observatory for Human Rights says more than 300 Kurdish fighters crossed into Syria from Turkey to defend a Kurdish area from attack by the Islamic militants More

Video Sierra Leone's Ebola Lockdown Continues

Thousands of health workers are going door to door in the West African country of 6 million, informing people of how to avoid Ebola, handing out soap 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.
Fears Ebola Outbreak ‘Beyond Our Capability to Contain’i
X
Jeff Seldin
September 20, 2014 10:28 PM
Each day brings with it new warnings about the deadly Ebola outbreak already blamed for killing more than 2,600 people across West Africa. And while countries and international organizations like the United Nations are starting to come through on promises of help for those most affected, the unprecedented speed with which the virus has spread is raising questions about the international response. VOA's Jeff Seldin has more from Washington.
Video

Video Fears Ebola Outbreak ‘Beyond Our Capability to Contain’

Each day brings with it new warnings about the deadly Ebola outbreak already blamed for killing more than 2,600 people across West Africa. And while countries and international organizations like the United Nations are starting to come through on promises of help for those most affected, the unprecedented speed with which the virus has spread is raising questions about the international response. VOA's Jeff Seldin has more from Washington.
Video

Video Iran, World Powers Seek Progress in Nuclear Talks

Iran and the five permanent members of the U.N. Security Council plus Germany, known as the P5 + 1, have started a new round of talks on Iran's nuclear program. VOA State Department correspondent Pam Dockins reports that as the negotiations take place in New York, a U.S. envoy is questioning Iran's commitment to peaceful nuclear activity.
Video

Video Obama Goes to UN With Islamic State, Ebola on Agenda

President Obama goes to the United Nations General Assembly to rally nations to support a coalition against Islamic State militants in Iraq and Syria. He also will look for nations to back his plan to fight the Ebola virus in West Africa. As VOA White House correspondent Luis Ramirez reports, Obama’s efforts reflect new moves by the U.S. administration to take a leading role in addressing world crises.
Video

Video Migrants Caught in No-Man's Land Called Calais

The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Westgate Siege Anniversary Brings Back Painful Memories

One year after it happened, the survivors of the terror attack on Nairobi's Westgate Shopping Mall still cannot shake the images of that tragic incident. For VOA, Mohammed Yusuf tells the story of victims still waiting for the answer to the question 'how could this happen?'
Video

Video Militant Assault in Syria Displaces Thousands of Kurds

A major assault by Islamic State militants on Kurds in Syria has sent a wave of new refugees to the Turkish border, where they were stopped by Turkish border security. Turkey is already hosting about 700,000 Syrian refugees who fled the civil war between the government and the opposition. But the government in Ankara has a history of strained relations with Turkey's Kurdish minority. Zlatica Hoke reports Turkey is asking for international help.
Video

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

The International Whaling Commission, meeting in Slovenia, has voted to uphold a court ruling banning Japan from hunting whales in the Antarctic Ocean. Conservationists hailed the ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015. Henry Ridgwell reports from London.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid