This archive report was first published on 9 August 2019.
On August 9, 2019, East African Community (EAC) and Regional Development Cabinet Secretary Adan Mohamed announced that EAC member states will soon start using a common currency for trade.
According to Mohamed, the Monetary Union aims to create a situation where there are common monetary and fiscal policies, enabling people to trade in a common currency.
He emphasized the importance of a strengthened self-regulation mechanism for the private sector, focusing on critical issues that will be game-changers for the region.
The CS noted that the EAC is a strong regional bloc, with a lot of growth over the years, and the private sector continues to play a critical role in economic development.
He urged the member states to stick together as EAC to compete at the global stage, highlighting that EAC's combined market size is an important tool in negotiating on trade and investments.
As the CS said, "We must make ourselves attractive on our Ease of Doing Business agenda, infrastructure development, and other enablers that support business growth."
