Region to wait longer for a single currency

The East African Community has proposed another deadline for a single currency after setting to miss out on the 2024 deadline . PHOTO| FILE

The East African Community has proposed another deadline for a single currency while expected to miss out on the 2024 deadline that was initially set by the heads of state upon signing the Monetary Union Protocol in 2013.

During the celebration of 23 years since the East African Community was revived after its collapse in 1977 that took place in Arusha on November 30th, the EAC Secretary General Peter Mathuki indicated that efforts are being made to achieve the common currency.

“Business community and East Africans are in need of the single currency and our leader are pushing for this, and it is our commitment that we are going to put in place this process of having common currency almost immediately with a view of having this common currency working,” said the EAC Secretary General.

Since the signing of the monetary union protocol by the EAC heads of state nine years ago, no institution has yet been put in place, and the regional technocrats have proposed the council of ministers to extend the deadline until 2031.

“Reaching the monetary union requires a number of steps. The council is working hard so that we reach every milestone we have, but you understand that in our community we have to go together,” said Ezekiel Nibigira the Burundi minister for EAC affairs and the chairman of the council of ministers.

Monetary union is the third pillar of the East African Community’s integration process after the customs union and the common market protocol, experts in the region say that the monetary union faces an uphill struggle for adoption.

Currently the region is yet to decide on where the Monetary Institute will be located, Burundi, Uganda, Kenya and Tanzania have already expressed their intention to host the institute.

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