Kenyan President Uhuru Kenyatta is rooting for the creation of a single currency for East Africa as a way of strengthening competition in the region.
Uhuru Kenyatta
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.
“In many ways, the Monetary Union is the logical culmination of integration efforts. All the things we seek in integration will be multiplied in the Monetary Union,” said President Kenyatta.
The signing of the protocol would pave the way for adoption of a single currency within a 10-year period.