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 Americans Celebrate Thanksgiving With Feasts, Festivities

Holiday traditions include turkey dinners, 'turkey trots,' American-style football and New York parade with giant balloons More

Video For Obama, Ferguson Violence is a Personal Issue

With two years left in term, analysts say, president has less to lose by taking conversation on race further More

Video Italian Espresso Expands Into Space

When Italian astronaut Samantha Cristoforetti headed for the ISS, her countrymen worried how she would survive six months drinking only instant coffee 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.
South Africa Sees Male Circumcision as Way to Reduce HIV Infectionsi
X
November 28, 2014 3:31 PM
South Africa remains plagued by AIDS despite massive government and NGO efforts on prevention and life-sustaining Anti-Retro-Viral programs. But the country has opened up another front to reduce new HIV infections: promoting circumcision. Emilie Iob reports for VOA News from a pioneering circumcision center in Orange Farm, Johannesburg.
Video

Video South Africa Sees Male Circumcision as Way to Reduce HIV Infections

South Africa remains plagued by AIDS despite massive government and NGO efforts on prevention and life-sustaining Anti-Retro-Viral programs. But the country has opened up another front to reduce new HIV infections: promoting circumcision. Emilie Iob reports for VOA News from a pioneering circumcision center in Orange Farm, Johannesburg.
Video

Video To Make A Living, Nairobi Street Vendors Face Legal Hurdles, Physical Violence

The Nairobi City Council has been accused of brutality in dealing with hawkers in the Central Business District - in order to stop them from illegally selling their wares on the streets. Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video For Obama, Ferguson Violence is a Personal Issue

Throughout the crisis in Ferguson, Missouri, President Barack Obama has urged calm, restraint and respect for the rule of law. But the events in Ferguson have prompted him to call — more openly than he has before — for profound changes to end the racism and distrust that he believes still exists between whites and blacks in the United States. VOA White House correspondent Luis Ramirez reports.
Video

Video Online Magazine Gets Kids Discussing Big Questions

Teen culture in America is often criticized for being superficial. But an online magazine has been encouraging some teenagers to explore deeper issues, and rewarding their efforts. VOA religion reporter Jerome Socolovsky went to this year’s Kidspirit awards ceremony in New York.
Video

Video US Community Kicks Off Thanksgiving With Parade

Thursday is Thanksgiving in the United States, a holiday whose roots go back to the country's earliest days as a British colony. One way Americans celebrate the occasion is with parades. Anush Avetisyan takes us to one such event on the day before Thanksgiving near Washington, where a community's diversity is on display. Joy Wagner narrates
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.

All About America

AppleAndroid