Its trade collaborations, cooperative economic initiatives, and shared resources that will make it Africa’s most neoteric region.
The age-old objective of uniting Africa is still being advanced across East Africa. It is one of Africa’s most esoteric regions due to its trading partnerships, cooperative economic activities, and shared resources. Its effort to unite the region’s currencies, however, is a unique tactic.
This kind of concept is avoided even in the most progressive nations worldwide. The economies of the globe without a very unified past would just like to avoid the subject, but not East Africa, which is ostensibly committed to achieving its goal of unification. The area is not just adamant about developing a single currency; it is also actively working to see that this plan is implemented.
Contrary to a technical working group’s objections, the East Africa Community (EAC) recently concluded that a unified currency can be established within the next four years. According to the original plan, the unified currency was supposed to be in use by 2024.
The East African Monetary Union would be achieved within the next four years, according to EAC Secretary-General Peter Mathuki, who started this four-year campaign. He added that a choice on the location of the East African Monetary Institute is anticipated to be made shortly by the Council of Ministers that represents the group.
“The regional economy and people’s ability to move freely will benefit from the one currency. It is consistent with our intention to eliminate borders in the area, as envisioned under the Common Market Protocol, allowing for unrestricted commerce and movement.
“Plans to have comparable discussions for Tanzania, Rwanda, Kenya, and South Sudan in the 2022-2023 Financial Year are at an advanced level,” he continued. In the course of his five-day retreat at Maanzoni Lodge in Machakos County, he revealed this news to reporters. In addition, a group from the East African Community is visiting Somalia to assess its interest in integrating. The council was tasked by the regional head of state summit to evaluate Somalia’s request to become a member of the group.