South Sudan woos Kenyan investors in real estate, mining sectors
South Sudan Central Bank Governor James Alic Garang.
Kenyan investors have been called upon to cast their nets wider and take advantage of South Sudan’s nascent real estate sector.
South Sudan Central Bank Governor James Alic Garang noted that the demand for safe and affordable housing in the world’s youngest nation presents an enormous opportunity for businessmen to tap into.
“The demand for real estate is emerging in recent years. Maybe in years to come, South Sudan could turn to another Tokyo of Africa,” he said.
While noting that the real estate market in Juba has grown exponentially, Mr Garang pointed out that the trend is on the rise.
“This means that if you are to invest today, the investor could reap huge dividends tomorrow,” he said Wednesday in Juba on the sidelines of the 27th ordinary meeting of the East African Community Monetary Affairs Committee (MAC).
He pointed out that the provision of affordable housing is central to the agenda of the government of South Sudan which has prioritized the provision of the critical service.
According to the 2023 report for Centre for Affordable Housing Finance in Africa, over 90 per cent of urban residents in South Sudan lived in grass-thatched slums in 2018.
Noting that Juba was a bustling cosmopolitan town in the 1980s, Mr Garang pointed out that the more than two decades of conflict led to the destruction of homes.
“The restoration of peace has triggered the citizens to return home in their droves,” he said during the meeting that brought together central bank governors from the seven member-states.
South Sudan’s central bank boss also indicated that the country has opened its doors to global investors interested in the largely untapped mining sector.
“Now that the conflict has come to an end and the country is moving towards democratic elections in 2024,” added Mr Garang, “exploration, particularly in gold, could be one of those areas where investors are being called to engage.”
Mr Garang noted that business registration in Southern Sudan has now been made easy after the government scrapped several taxes and bureaucracies.
“Investing in South Sudan is very easy. All you have to do is just bring your resources, look for a few local partners, register a company and boom, you are an incorporated institution,” said Mr Garang.
The 2024 MAC chairman further noted that the central bank regional governors have also rekindled the journey towards the achievement of a single currency for the EAC by the revised timeline of 2031.
Initially slated for 2024, Mr Garang stated that the seven central banks of the partner states are fast-tracking their activities towards ensuring the establishment of key institutions of East African Monetary Union (EAMU).
“Now that we have achieved the customs union and common market protocols, attainment of the third pillar of EAC economic integration will result in a single currency for the region,” Mr Garang stated.
He pointed out that a regional single currency regime will enhance the integrated market and promote free movement of capital, labour, goods and services.
“Just like in Europe where the residents use euro, a hawker or a producer of mboga in Kenya can sell here,” he said.
