President Uhuru Kenyatta addresses East Africa Legislative Assembly
(EALA) members in Nairobi on November 26, 2013. Photo/BILLY MUTAI
By JOHN NGIRACHU
President Uhuru Kenyatta is rooting for the
creation of a single currency for East Africa as a way to strengthen
competition in the region.
Addressing the East African Legislative Assembly,
Mr Kenyatta said this would also reduce the costs of transacting
business by eliminating use of different currencies across the five
countries.
On Friday, the regional leaders are expected to
sign the East African Community Monetary Union Protocol during the Heads
of State Summit, which is the first step to adopting a single currency.
“In many ways, the Monetary Union is the logical culmination of integration efforts,” said President Kenyatta.
The signing of the protocol would make way for the adoption of a single currency within a 10-year period.
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