Countries in the East African Community (EAC) want to adopt a single currency as part of the broader plans to integrate under a single market, and ultimately one region that trades together.
Countries in the East Africa n Community want to adopt a single currency as part of the broader plans to integrate under a single market, and ultimately one region that trades together.
"Without a common currency, one wouldn't confirm Africa has attained complete independence," argues Africa Kiiza, Research Fellow at Columbia Center on Sustainable Investment. Despite EAC partner states having made some progress on implementing the Common Market protocol and the Customs Union, failure to achieve monetary union amounts to failure to integrate.
He cites a case of Ugandan traders who previously complained about doing business in South Sudan because they were being attacked for carrying huge sums of cash when traveling to Sudan. Although this was a step towards a future where EAC countries could share a single currency, there has been little to no known progress about the implementation of what was agreed last year.There is no doubt that having a common currency would be a step in the right direction for the region to achieve complete independence and economic stability by allowing seamless flow of investment, bringing down the cost of trading, and easing remittances.
Kalisa expresses frustration, saying that the"shift in deadlines doesn't help the community, and this is our biggest concern. It contravenes the roadmap."The big question in this whole puzzle then is whether members have been setting unrealistic targets toward achieving the East African common currency. One has to look at and examine the effectiveness of the Treaty that establishes the East African Community to understand whether targets make sense.
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