News Column

Kenyatta Backs Monetary Union

May 6, 2014

Kenya's President Uhuru Kenyatta has called on the East African Community (EAC) member states to speed up the adoption of a common currency for the region.

Uhuru said a single currency will ensure faster economic growth for the region and called on the member countries to lay the necessary foundations for it to be achieved. He said the benefits of the EAC union will be achieved when all commitments under agreed protocols are implemented.

"We must work diligently to achieve a sustainable macro-economic convergence in terms of inflation, fiscal policies and exchange rate stability," Uhuru told the 12th EAC Extraordinary Summit of the Head of State in Arusha, Tanzania. The Kenyan President, who is the current chairperson of the EAC Heads of State Summit, also called on the other leaders to involve citizens in the decisions being made towards a common regional market.

"This entails the most intense effort we can muster to make every East African aware of what is going on in their Community," he said.

He appreciated the sensitisations already undertaken in the five countries but added that more can be done to "ensure that the people of East Africa are not left behind in the integration process".

The Customs Union of EAC was established in 2005 and in 2010 the common market was started. "These institutions are central pillars of the integration process of our nations and peoples," the President said.

The Community is now working towards a political federation, whose frameworks are being worked on, beginning with drafting a new constitution.

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Source: AllAfrica

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