East African Community Partner States are in the process of harmonizing critical policies and putting in place the requisite institutions to attain a single currency for the region by 2024 as outlined in the EAC Monetary Union Protocol.
This was reemphasized by Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs (EAC), Rt Hon Rebecca Kadaga during the Uganda-DR Congo Business Summit in Kinshasa.
She was responding to traders who cited difficult trading in certain currencies.
Kadaga reassured the traders that member states are finalizing details to choose a country to host the East African Monetary Institute that will later become the East Africa Central Bank
“By the end of this year, we should be knowing which country is hosting the monetary institute. The institute will be the East African Central Bank,” she said, adding, “We expect that if we move according to plan, by 2024, we shall have a Single Currency.”
According to her, Uganda, Tanzania, Burundi and Kenya have already submitted requests to host the institute and the four countries are being reviewed for a decision.
In January 2020, then EAC Secretary General, Amb. Liberat Mfumukeko, said the East African Monetary Institute (EAMI) would later be transformed into the East African Central Bank that would issue the single currency.
Amb. Mfumukeko disclosed that the Council of Ministers had approved the EAC Domestic Tax Harmonization Policy, adding that proper implementation of the policy would reduce tax competition thereby enhancing cross-border trade and investment in the region.
The summit was organized by Private Sector Foundation in partnership with Equity Bank, Uganda Export Promotions Board, Uganda Manufacturers Association, Trade Mark, Uganda Airlines, Office of the Senior Presidential Advisor on Special Duties, Uganda National Chamber of Commerce and Industry and Federation des Entreprises du Congo (FEC).