Despite its interwoven socio-economic problems and conflicts, East Africa remains at the forefront of the age-long goal of creating a united Africa.
Its trade collaborations, cooperative economic initiatives and shared resources make it one of Africa’s most neoteric regions. However, its push to unify the region’s currency is a strategy in a league of its own.
Even among the most progressive regions globally, this kind of idea is avoided. Economies around the world avoid the topic without a fiercely shared history, but East Africa is visibly eager to realize its dream of integration.
The region is not pushing for the creation of a single currency, it is aggressively pushing for the actualization of this initiative.
The East African Community (EAC) recently decided that a single currency could be achieved within the next four years, although a technical working group pushed back on pushing the deadline to 2031.
Based on the initial schedule, the unified currency was expected to be in place by 2024.
The four-year push was launched by EAC Secretary-General Peter Mathuki who announced that the East African Financial Union would be achieved within the next four years.
He noted that the Council of Ministers representing the group is expected to make a decision on the location of the East African Financial Institution soon.
“A single currency will facilitate trade and movement of persons within the region. It is in line with our aim to make the region borderless for people to move and trade freely as envisaged in the common market protocol. He said.
“Plans are under way 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 Manzoni Lodge in Machakos County.
Additionally, the East African Community is sending a delegation to Somalia to assess the country’s willingness to join the fold.
The Heads of State Summit in the region asked the Council to follow Somalia’s application to join the community.