Uhuru arrives in Kampala for EAC Summit

President Uhuru Kenyatta. FILE 

By James Mwambai

In Summary

• East Africa region in upbeat mood as regional leaders meet to endorse Monetary Union.

President Uhuru Kenyatta arrived in Kampala, Uganda, this evening for the 15th Summit of EAC Heads of State which is expected to endorse the Monetary Union protocol.

The protocol will provide for the roadmap to member states to put in place necessary requirements and policies for a strong monetary union. It will be implemented over a ten year period, with a single currency to be launched at the last stage.

The last stage will also culminate into the integration of member states’ financial markets. The creation of the monetary union is the last phase in the economic integration process.

The initial phase included the adoption of the customs union that deals with trade barriers and common market.

President Kenyatta on Tuesday told the East African Legislative Assembly in Nairobi that a single currency would strengthen competition in the region while reducing the cost of doing business by eliminating use of different curries across the five member states.

“In many ways, the Monetary Union is the logical culmination of integration efforts,” said President Kenyatta.