23rd February 2019
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Economist blames bad economy on deceitful traders

Author : Tethluach Yong | Published: 4 years ago

An economic analyst has attributed the economic crisis in the country to fraudulent businesspeople.

Currently, Dollar is gaining against pounds. Last weekend, $1 sold at 1.5 pounds. Market prices have shop up and some commodities such as bread, bottled water and fuel are scarce.

Ahmed Morjan, lecturer of Economics at the University of Juba, says the procedure of offering Letters of Credit is not appropriate.

“Most of this hard currency gets out of the country through corrupt means for instance: people who pose as businesspeople with imaginary companies come in and drain the country off its hard currency which goes outside the country in forms of getting LC (Letter of Credit) as importers though they are not,” Mr Morjan stated.

Prof. Morjan added that some mechanisms must be put in place to fight off the current economic crisis in the country.