The promise of economic development and prosperity hinges on our integration’ – Uhuru Kenyatta
The EAC – formed of Burundi, Kenya, Rwanda, Tanzania and Uganda - is currently undergoing a bold integration plan with the intention of creating ‘a prosperous, competitive, secure and politically united East Africa’. A Common Market has already been established, the first stage of a scheme to allow citizens to cross borders using National I.D. cards has been implemented, and talks have begun with an aim to expand the EAC to include the fragile states of South Sudan, the Democratic Republic of Congo and Somalia.
But, by far the most ambitious aspect of the EAC’s integration strategy is the plan to create a single currency for the region; a plan that was set in motion when the five heads of state signed an agreement to create a monetary union within the next ten years. So, will this currency union benefit the region or create problems? And what does the EAC need to do to make this proposed currency union a success?