Five EAC countries — Kenya, Uganda, Tanzania, Burundi, and Rwanda – have joined forces with the aim of forming a single currency area by 2024.
Since the project’s inception in 2000, these countries have been laying the groundwork for greater economic integration.
Measures such as establishing the Customs Union has helped streamline border clearances, simplify work permit issuance, and ensure the recognition of professional agreements by member countries.
Monetary unions and common currency areas are not new to Africa. The West African Economic and Monetary Union, for one, was formed in 1994 and shares the CFA franc among eight West African countries, while Namibia, Swaziland, and Lesotho have been linking their currencies to the South African rand under a Common Monetary Area established in 1986.
