East African leaders attending the regional bloc’s 15th Ordinary Summit have signed the EAC Protocol on Monetary Union that is to be ratified by July next year.
The ceremony was held at Speke Resort Munyonyo in the Ugandan capital Kampala and was attended by EAC leaders who included; Host president Yoweri Museveni, Kenya’s Uhuru Kenyatta, Tanzania’a Jakaya Kikwete, Rwanda’s Paul Kagame and Burundi’s Pierre Nkurunzinza.
The legal content of the monetary union was cleared by the EAC Sectoral Council on Legal and Judicial Affairs last week
Saturday’s historic Monetary Union Protocol approval provides for the road-map to a common currency for East Africa Community member States.
“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.
The EAC Customs Union took off on 1 January, 2005, and became fully fledged on 1 January, 2010, while the Common Market Protocol came into force in July 2010.
The EAC Treaty, which came into force on 7 July, 2000, calls for a progressive approach to regional integration starting with the customs union, followed by the common market, the monetary union and finally the political federation.
At the same function, Kenyan President Uhuru Kenyatta formally took over the chairmanship of the East African Community from his Ugandan host Yoweri Museveni.
“I congratulate President Kenyatta for taking over peacefully. There was no violence” President Museveni said.
In response, Uhuru promised to also hand over peacefully when his time comes.
Kenyatta praised Museveni’s leadership saying the EAC community had witnessed many milestones under the latter.