South Sudan’s money doing miracles not in Country but outside

BY: Morris Kuol Yoll, ALBERTA, CANADA, FEB/28/2014, SSN;

“Put your money where your mouth lies”, said the Good book. Apparently, South Sudan is not putting its money where it would fuel its economy through local investment and banking system.

Money made in South Sudan or money pumped into the country from the Diaspora source is in turn outsourced from the country by foreign banks and forex bureau agencies.

Likewise, many South Sudanese, in the country, are banking their money in foreign banks. Indeed, officials and normal citizens having families in the neighbouring countries are outsourcing money through money transfer to support their families overseas.

Hence, real investments from money made in South Sudan are therefore seen in neighbouring countries and foreign nations, which deprive a young nation the development it desperately needed.

Three years ago, before our independence, I said that foreign Banks and Forex bureau operations in South Sudan were a bad thing.

However, someone who styled himself as a banker, in response to my concern said that there was nothing wrong with foreign banks operations in the country.

I am no expert in the area and was dwarfed in this regard. Even so, it is distinctly not right to institute or accept monetary systems that pump money out in the country with no control.

Of course, there is an eerie part to foreign banks outsourcing money in the country. And for this reason, I felt my concern was misfired and South Sudan’s sovereignty violated by scams.

It is okay for foreign banks to operate in a country provided that a Country is aware of exploitation that ensues and how to restrain it.

However, South Sudan [is] a young and inexperienced nation that has not yet adequately developed laws to deal or stop smart and sly money defrauded by international corporations.

What I want to say here is that South Sudan is being exploited by foreign investors and its citizens that prefer banking their money in foreign banks.

That is: investors make money in the country and then pump it out for banking in foreign countries where real investments in constructions and various businesses are made.

Besides, our people are enticed by these foreign investors and banks to bank their money outside the country through foreign banks branches in South Sudan.

As well, our neighbours from Ethiopia, Uganda, Kenya, Sudan, Congo, etc. went to South Sudan where they make money with ease and get it out of our country with ease.

Not the least, many South Sudanese send their kids abroad, especially neighbouring countries, to study, taking cash made in South Sudan along with them.

These acts of outsourcing money drain South Sudan monetarily and enrich neighbouring countries where the money is banked, spent and invested.

In 1998, I visited Kenya. To say the less, Nairobi was a scary place to be. The city was full of trash and litters with little homeless kids lingering around corners of each street, whereas the city trash mounds were inhabited by little thugs born and raised in the garbage mounds.

Else, I will never forget the burning eyes looking at me and my wife as we were waiting for the city bus, or out pour of blames directed at my wife by relatives that were astonished and maddened in seeing her wearing gold earrings and necklaces on streets of Nairobi.

Economically, Kenya was suffering and many of its people were destitute. However, in 2010, when I visited Kenya, things had changed drastically for better. I saw new infrastructures erected and construction booms.

And to my surprise, Kenyans had changed. There were no more burning eyes staring at strangers. On one hand, there was no fear of wearing jewelries on the streets of Niarobi and my wife felt at ease and secured in wearing her gold earrings and chains. On one hand, those little thugs on the streets were less seen, and as well, the streets of Nairobi were cleaner and less littered.

Apparently, Kenya’s economic boom is not due to Western countries investments since western’s economies were facing huge economic meltdown of the century: it got to be South Sudan’s money.

Clearly, money from South Sudan is doing miracles it isn’t doing in South Sudan, but in the neighbouring countries- Kenyan and Uganda, and Ethiopia are good examples.

A sensible country must control money that is pumped into its system through its own national banking system, but South Sudan is not doing that, which disadvantages and deprives it from development badly needed throughout the country.

It is a high time that South Sudan must consider controlling monetary circulation within South Sudan for local investments by limiting outsourcing of money to foreign nations.

Our country authority should limit foreign banks operation and encourages national banking operation throughout the nation.

As well, citizens should be encouraged to bank in their national banks. Equally, foreign money transfer agencies in the country should be made to follow certain laws of the land designed to limit huge transfers of cash out of the country.

Limiting huge money transfer out of the country will also reduce corruption by those who steal and bank money out of the country.

In short, there is closer to a million or more South Sudanese in the Diaspora. These people send lots of money to South Sudan to support their families and relatives.

When I was in South Sudan, I saw multitudes of people overfilling Dahabshill agency every day, lining up to receive money sent to them abroad.

If South Sudanese local banks seize this opportunity and control these hard currencies flow into the country, they would use this money for local investments.

Our government should encourage its citizens to bank their money in the country, and most importantly encourages national banks and local banks to invest in infrastructures badly needed in the country.

It is not foreign banks or any foreign investments that would boast our economy, but significance investments made locally by our banking system that would bring a viable development needed.

Not the least, we have seen foreign investors, during this crisis, packing and leaving the country. Indeed, they left with their money, made in South Sudan and would come back again after peace to make more money and pump it outside the country since the South Sudan is not yet stable, security wise.

Controlling money to circulate in the country, strengthening local banking system in the country and encouraging local banks in South Sudan to invest in infrastructures, would address current infrastructures and properties destruction perpetuated in Unity State, Juba, Jongelie and Malakal by current war after peace agreement is ascertained.

Morris Yoll, is a south Sudanese Canadian residing in Alberta. Morris could be reached @ myoll2002@yahoo.com

9 Comments

  1. monychol says:

    Moris,who cares about South Sudan ?The. ones in power are just looting. thugs and crooks fro
    Warrap and Bor.They knows that they are looting what they donot deserves and did not work for it.They knows that these ones from the most crooked and thugish sections of the Dinka shall never get power like that in South.

  2. Morris K. Yoll says:

    Monychol,
    We should care for the well-being of our country. If we don’t, then the looting will endlessly continue. Besides, not only Dinkas or all Dinkas from Warrap that are outsourcing or looting money. Nearly, 64 tribes of South Sudan are involved. With corruption concern, out of 75 list of corrupts, about 50 aren’t Dinkas according to the reliable sources. However, stealing of public funds is individual not a collective tribal agreement and should be viewed as that. That says, individuals from Warrap that are engaged in stealing do it for themselves not for Warrap as State in general. Hence, Warrap State should not be blamed for acts of individuals. In fact, corruption or ruling in South Sudan is by group or a clique with mutual understanding and common interest from all part and tribes of South Sudan; it cannot be blamed on particular tribe.
    Morris

    FROM EDITOR: HI, MORRIS, YOU SEEM TO BE QUITE WELL ACQUAINTED WITH THE INFAMOUS 75. HOW ABOUT SENDING US THE LIST FOR PUBLIC CONSUMPTION? THESE KLEPTOCRATS CAN’T BE ALLOWED TO REMAIN ANONYMOUS FOREVER.

    • Kidepo says:

      Yoll-

      From the list of 75 top corrupted people. 71 out of 75 are all dinka-jieng what are you talking about. The other three comprised of two Nuer, one Equatorian and one shiluk. The List include Kiir, Dr Riek, Pagan and wani Igga the only Equatorian.

      In fact there are many dinkas exempted rom the list it would have comprised of 99% dinkas in hundreds

  3. monychol says:

    Moris,I’m also a Dinka and if you say that we must care about the country then wr must begin with those among us who behave as if the country is their personal property and it’s resources are his private assets that nobody has a right to question him.I know bunch like that and it is the who have destroyed the country .People like Kuol Manyang who had destroyed and failed Jonglei and was appointed to Juba and now is destroying South Sudan with the same irritative,annoying and hostile attitude and mindset he did to Jonglei.Jonglization of the South Sudan army byJonglei big thugs like Kuol,Malual Ayom and their. chief terrorist Mach Paul .We Dinkas if we care about the country we should start blaming who did what wrong instead of smearing everybody Awet Akot,Aleu Ayeny and Paul Malong are other thugs.responsible for the carnage and the failure of the country among the Dinka community along with their. militants minded Salva Kiir.These. thugs must be held accountable with full. force of the law.

  4. monychol says:

    Morris, I hold those Dinkas responsible because its they who are in charge of the country and if they could have led by example I doubts that anyone from the minor tribes could have. done otherwise.But these. Dinka trashes or refuses slandered and scandalized the majority and image of the Dinka while they are only former street thugs collected. by Garang at various parks.They should not be allowed to destroy people’s lives as they think fit their interests.Morris ,if you think we should care then we should start to publishes their names their and where they have bought property or kept our money in their foreign banks .Their accountability is in the pipeline and shall get them pretty sooner then later .

  5. Kanya Gogo says:

    Morris,

    I totally agree with your article. However, one thing we don’t know is if some of our leaders are not shareholders in these foreign banks. My take is that given that open corruption is being followed in South Sudan, the leaders are most likely to devise other complicated networks to siphon our money by silently boosting these banks at the expense of national banks they don’t have shares in.

    About the names of the 75 Senior Government Thieves, I think the public is anxious to get the real details. If your source is genuine please can you share it even through third party. This is the only way we can hold our leaders accountable by being good citizens.

    Corruption is not only about stealing but it can also be practiced through hiding vital information. In that sense you are part of the corruption if you have this information which the nation is looking for all this time and you keep for your self and yet you expect us to open up on other issues. Besides, other issues might zero about who made the list and what indicators were used in making the list otherwise it is hard for me as a person to believe that the Dinkas can only constitute 25 of the 75. However revealing these names will settle the dust.

    Kanya Gogo
    Nimule, South Sudan

    FROM EDITOR: KANYA GOGO, BE INFORMED THAT THERE IS A LESS PUBLICIZED LAW IN SOUTH SUDAN THAT COMPELLED ALL FOREIGN COMPANIES COMING TO SOUTH SUDAN TO GIVE 20% OF THEIR INTEREST SHARES TO SOUTH SUDANESE PARTNERS.
    CONSEQUENTLY, ALL FOREIGN-OWNED BANKS, HOTELS, SECURITY FIRMS, TELECOMMUNICATIONS COMPANIES AND MANY OTHERS HAVE SOUTH SUDANESE PARTNERS.
    BUT YOU KNOW WHAT… ALL THOSE PARTNERS ARE THE BIG GUYS AND WOMEN OF THE SPLM/A WHO ARE THE SOLE AND SECRETIVE BENEFICIARIES.
    THESE COMPANIES OR FOREIGN INVESTORS OR EXPLOITERS DON’T PAY ANY TAXES DUE TO THE COMPLICITY OF THESE GOVERNMENT/SPLM/A THIEVES.
    ARE YOU SURPRISED….. KIIR, MACHAR AND FELLOW SPLM/A THIEVES COPIED THE SYSTEM FROM KENYA. NOT SURPRISING, OF COURSE….EVEN OUR NATIONAL FLAG IS A COPY OF KENYA’S… SHAMELESS LEADERS WE MUST BEAR….

    • Kidepo says:

      Kanya-
      The list was posted to all South SUdanese and a copy was taken to the assembly. from the 75 people 71 are dinkas including Kiir himself only that Kiir did not have the bigest amount like Gier Chuang Deng Athorbei and many other dinkas. I am surprised Koriom’s name was not included when koriom himself took more than USD98 million

      The four non Jieng are Dr Riek, Pagan, Wani Igga and James Kok.

  6. Kanya Gogo says:

    Dear Editor,

    I agree with you about the South Sudanese having shares in these foreigned owned companies. It wouldn’t be an issue if those South Sudanese shareholders in those companies do not stifle the local companies.

  7. democrat says:

    the few innocent people who had tried to bank with Nile commercial Bank are still suffering from delusionary and I wish syndromes.

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