This commentary offers a critical analysis of the political economy underpinning South Sudan's faltering peace process, with a focus on the 2018 Revitalised Agreement on the Resolution of the Conflict in the Republic of South Sudan (R-ARCSS). It argues that the agreement's primary function has been to facilitate elite resource bargaining and power consolidation, rather than to foster genuine national reconciliation or address the structural drivers of conflict. The analysis examines the institutionalisation of violence through security sector arrangements, the marginalisation of civil society, and the persistent economic predation that sustains the status quo. The conclusion contends that without a fundamental reorientation towards inclusive governance and economic justice, the R-ARCSS risks becoming another in a series of failed elite pacts.