The East African Monetary Union Protocol, signed in 2013, set 2024 as the year to have all countries in the EAC using a single currency, and integrated payment systems. However, preparations, including setting up regional statistics body, the East African Financial Services Commission, and the East African Monetary Institute, have progressed rather slowly.
As the 5 member States of the East African Community (EAC) prepare to enter a monetary union, some business people in Kampala are still unaware of the benefits that could accrue from the union. Ministers from the EAC adopted the draft protocol on setting up the East African Monetary Union during the 27th extra-ordinary meeting of the Council of Ministers that was in Arusha, Tanzania last week.
