This paper critically examines the implementation of the 2018 Revitalised Agreement on the Resolution of the Conflict in South Sudan (R-ARCSS), arguing that the process has been characterised by elite bargaining that prioritises power-sharing over transformative peace. Through a qualitative case study, it analyses the stalled progress in security sector reform, transitional justice, and constitution-making. The findings reveal that the agreement’s institutional design, while creating a fragile ceasefire, has entrenched a political economy of conflict and failed to address the root causes of violence. The discussion contends that without meaningful inclusion and accountability, the R-ARCSS risks perpetuating a cycle of unstable elite pacts rather than fostering a sustainable peace.