Although not without its intraneous socio-economic problems and conflicts, East Africa is still ahead of the long-term goal of creating a united Africa.
Trade collaborations, cooperative economic initiatives and shared resources have created Africa’s newest region. However, the push to unify regional currencies is a strategy in a league of its own.
Even among the most progressive regions of the world, this kind of idea is dismissed. Economies around the world without a shared history prefer to avoid the topic, but not East Africa, which is eager to realize its dream of unification.
The region not only pushed for the creation of a unified currency, but also pushed aggressively for the actualization of this initiative.
The East African Community (EAC), recently decided that a single currency can be achieved in the next four years, although it was pushed back by a technical working group that the deadline should be moved to 2031.
Based on the initial schedule, the unified currency will be implemented in 2024.
The four-year push was initiated by EAC Secretary General Peter Mathuki, who announced that the East African Monetary Union will be achieved within the next four years.
He also noted that the Council of Ministers representing the group will soon make a decision on the location of the East African Monetary Institute.
“The single currency will facilitate business and the movement of people in the area. It is in line with our goal of creating a borderless area where people can move and trade freely as envisioned in the Common Market Protocol,” 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 reporters during his 5-day retreat at Maanzoni Lodge in Machakos County.
In addition, the East African Community sent a delegation to Somalia to assess the country’s willingness to join.
The region’s top head of state asked the council to follow Somalia’s application to join the community.