In effort to move towards economic unity, the East Africa Community (EAC) has announced plans to implement a single currency within the next four years, despite the push back by a technical working group that the deadline should be moved to 2031.
According to Africa Business Insider, its trade collaborations, cooperative economic initiatives and shared resources has made it Africa’s most neoteric regions. Based on the initial schedule, the unified currency was expected to be in place by 2024. This four-year push was initiated by the EAC Secretary-General Peter Mathuki, who declared that the East African Monetary Union would be achieved within the next four years.
He also noted that the Council of Ministers representing the group is expected to make a decision soon on the location of the East African Monetary Institute. “The single currency will ease business and movement of persons within the region. It is in line with our goal to make the region borderless so that people can move and trade freely as envisioned in the Common Market Protocol,” he said.
“Plans are at an advanced stage to hold similar consultations for Tanzania, Rwanda, Kenya and South Sudan in the 2022-2023 Financial Year,” he added. He disclosed this information to newsmen during his 5-day retreat at the Maanzoni Lodge in Machakos County. Additionally, the East African Community is sending a delegation to Somalia to evaluate the country’s inclination to join the fold. The head of state summit of the region asked the council to follow up on the application by Somalia to join the community.