East African Countries Sign Monetary Union Protocol

December 1, 2013 9:29 am0 comments by:


East African countries have signed a protocol on monetary union a step that paves way for a single currency.
Presidents Jakaya Kikwete of Tanzania, Yoweri Museveni of Uganda, Uhuru Kinyata of Kenya, Paul Kagame of Rwanda and Pierre Nkurunziza of Burundi yesterday signed the monetary union protocol at the end of the 15th East African Heads of State regional integration summit in Kampala.
A communique issued by the East African Community Secretariat at the end of the summit states that all the partner states are to conclude the ratification of the Protocol by July 2014.
Kenya’s president Uhuru Kenyatta in his speech at the signing ceremony said the economies of five east African counties will benefit immensely from the monetary union.
Tanzania’s President Jakaya Kikwete says the integration process will create unity among the people of east Africa.
“As we integrate, we cease to be a group of neighboring nations and become one people. I assure all that our Community is strong and your leaders’ commitment to it is unwavering. Let us all put an end to unnecessary rumour mongering,” he said midst a thunderous applause.
Tanzania unlike other states has been taking a cautious approach to the integration process on grounds that it needed the support of its citizens.
Speculation was rife when President Jakaya missed the summit on fast tracking of the integration process in Kigali.
Many people interpreted it to mean that Tanzania might opt out of the integration process but yesterday’s historic event puts it to rest.
Meanwhile President Yoweri Museveni who later addressed a big crowd in Kololo ceremonial grounds, emphasized the importance of food security, wealth creation and development to citizens of the EAC community.
Museveni noted that the East African Community should pursue creation of a wider market where people of the region sold their produce hence obtaining wealth.
He added that the East African countries were at the same time striving to improve infrastructure like electricity, good roads and railway lines that would lower costs of transportation of goods as well as produce within the region.
The ceremony was attended by Ministers, Members of Parliament, Members of the Diplomatic Corps, Kampala District Leaders as well as Religious leaders.

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