The proposal for a unified currency from East Africa
East Africa’s proposed unified currency may be implemented sooner than expected.
The East African Community Secretary General, Peter Mathuk, has stated that the EAC’s unified currency can be achieved in four years.
However, a technical working group has objected to moving the deadline to 2031.
The unified currency was supposed to be in place by 2024, according to the initial timeline.
While not without its intertwined socioeconomic issues and conflicts, East Africa remains at the forefront of the age-old goal of uniting Africa.
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It is one of Africa’s most esoteric regions due to its trade collaborations, cooperative economic initiatives, and shared resources. However, its push to unify the region’s currencies is a strategy in its own right.
This type of idea is avoided even in the most progressive parts of the world. Economies around the world with no intensely shared history would prefer to avoid the topic, but not East Africa, which appears to be eager to realize its unification dream.
The region is not only adamant about creating a unified currency; it is also pushing hard for its implementation.
Despite a technical working group’s recommendation that the deadline is pushed back to 2031, the East African Community (EAC) recently decided that a single currency can be achieved within the next four years.
The unified currency was supposed to be in place by 2024, according to the initial timeline.
The EAC Secretary-General, Peter Mathuki, initiated this four-year push when he declared that the East African Monetary Union would be achieved within the next four years.
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He also stated that the group’s Council of Ministers is expected to decide on the location of the East African Monetary Institute soon.
“The single currency will facilitate trade and travel within the region. It is consistent with our goal of making the region borderless, allowing people to freely move and trade, as envisioned in the Common Market Protocol,” he said.
“Plans are in the works to hold similar consultations in Tanzania, Rwanda, Kenya, and South Sudan in the fiscal year 2022-2023,” he added.
During his 5-day retreat at the Maanzoni Lodge in Machakos County, he revealed this information to reporters.
Furthermore, the East African Community is sending a delegation to Somalia to assess the country’s interest in joining the fold.
The regional head of state summit requested that the council follow up on Somalia’s application to join the community.
