Here’s yet another EAC protocol

Nation's Flags 

By  Zephania Ubwani,The Citizen

In Summary

• The Summit is expected to announce the dates for the start of the single currency, and will take 10 years to implement.
• However, players are warning that the coming into force of the latest protocol is a rude reminder of the frustrations by East Africans who are yet to fully benefiting from past protocols.

Arusha. It is now official. The East African Monetary Union (Eamu) protocol will be signed this week during the Heads of State Summit in Kampala.

“The Draft Protocol met the requirements of the Treaty for Establishment of the EAC,” said Dr Enos Bukuku, the deputy secretary general (Planning and Infrastructure).

Dr Bukuku spoke from the venue of the meeting where the five Presidents are expected to put ink to paper for yet another milestone in regional integration process

However, players are warning that the coming into force of the latest protocol is a rude reminder of the frustrations by East Africans who are yet to fully benefiting from past protocols.

The legal content of the monetary union was cleared by the EAC Sectoral Council on Legal and Judicial Affairs last week and will be the highlight of the Kampala Summit.

Even though a positive step, Mr Bukuku cautioned, a lot of ground work is needed to operationalise the new protocol.

“After the signature of the Eamu Protocol by the EAC Heads of State, the next two years will see passage of Bills to support it.”

“Introduction of a single currency has been made clearer and now spells out how partner states will join the last stage of the Eamu and the East African currency will be the legal tender,” Bukuku pointed out

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The Summit is expected to announce the dates for the start of the single currency. But it is expected that commencement will be upon ratification by all five partner states namely Tanzania, Kenya, Uganda, Rwanda and Burundi.

“At least three partner states can commence a single currency in accordance with the relevant provisions of the Protocol,” according to a dispatch from the EAC Secretariat sent upon the protocols approval.

Despite being cleared for the Heads of State signing, analysts believe there are still some bottlenecks to be cleared for the bloc to have a properly functioning monetary union.

Some senior EAC officials have hinted that it will take about 10 years for the protocol to start working.