By John Ikani
In a bold 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.
This audacious plan which sets the stage for a new era of economic unity and cooperation in the region was disclosed by EAC Secretary-General Peter Mathuki to newsmen during his 5-day retreat at the Maanzoni Lodge in Machakos County in Kenya.
He also revealed that the Council of Ministers representing the EAC 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,” said Mathuki.
“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.
Based on the initial schedule, the unified currency was expected to be in place by 2024.
With the new currency, East Africa is taking a giant leap towards a borderless region, where people can move and trade freely.
Businesses will thrive, and the movement of persons will be seamless. The single currency is a game-changer that will make East Africa a more attractive destination for investment and tourism.
But that’s not all. The EAC is also reaching out to other countries, inviting them to join the fold.
A delegation will be sent to Somalia to evaluate the country’s inclination to join the community. This move is a sign that the EAC is not content with just unifying its own currency but also wants to build a strong community of countries.
The news of the unified currency has sparked excitement and optimism throughout the region with some experts predicting that East Africa is on its way to becoming the next economic powerhouse of the continent.
This is a historic moment for East Africa and a shining example of what can be achieved when countries come together to work towards a common goal.
The EAC’s bold move towards economic unity is a step towards a brighter future for the entire continent.
