(JUBA) – The Governor of Central Equatoria State, Emmanuel Adil Anthony, on Friday visited the headquarters of the Bank of South Sudan in Juba for discussions on insurance sector regulation and financial sector reforms.
Governor Adil held talks with the Governor of the Bank of South Sudan, Hon. Johnny Ohisa Damian, on the implementation of the Bank of South Sudan Act, 2011, as amended in 2023, which transferred responsibility for regulating insurance companies to the central bank.
Under Chapter II, Section 13(h) of the amended law, the Bank of South Sudan is mandated to regulate, supervise and license insurance companies operating across the country.
Before the transfer of the mandate, insurance firms operating in Juba were regulated by the Central Equatoria State Government.
The officials agreed to establish a joint committee to review existing insurance sector policies and procedures in order to support the implementation of the new regulatory framework.
The discussions reflected wider efforts by South Sudan’s financial authorities to strengthen oversight of the banking and insurance sectors as the country seeks to improve investor confidence and modernise financial regulation.
The insurance sector remains small but important to South Sudan’s economy, particularly for trade, transport, construction and investment activities linked to the private sector.
The meeting also reviewed Corporate Social Responsibility initiatives being implemented by the Bank of South Sudan and possible areas of support for communities in Jonduru, where the central bank headquarters is located.
Officials discussed opportunities to expand community support programmes as part of broader efforts to strengthen relations between public institutions and local communities hosting national infrastructure projects.
BoSS released a statement stating that the talks between the state government and the central bank come at a time when South Sudan is increasing efforts to improve financial governance, strengthen business regulation and attract more private investment into the economy.