Uganda skips meetings on monetary union

Caroline Ngure recharges a Visa card at an Equity Bank agency shop in Nyeri in July. Agency banking has mobilised savings and boosted financial inclusion. Photo/Joseph Kanyi

By GERALD ANDAE

The signing of a protocol for establishing the East African Community Monetary Union could be pushed back after Uganda failed to attend meetings called for preparing a draft.

The legal and judicial affairs committee was expected to approve the Draft Monetary Union Protocol for presentation to the Council of Ministers and the Summit next month.

But Uganda did not attend two consecutive meetings called in Burundi and Tanzania.

“The rules governing EAC are clear, we cannot proceed on any matter unless there is representation from all the member states,” said EAC deputy secretary general Enos Bukuku.

The Summit meets next during an extraordinary session in April next year. The legal affairs team comprises Attorney Generals (AGs) from member countries .

Speaking during the East African Business Council (EABC) forum in Nairobi, Dr Bukuku said EAC aimes to have a common currency by 2024.

The secretariat is working on having a common statistics bureau to set up economic parameters that would lead to establishment of the East Africa central bank
.

“To achieve a single currency, we need to harmonise the method of calculating Gross Domestic product (GDP) across member states. A common statistical unit will play an important role in guiding us towards that,” he said.