Countries in third attempt to sign Monetary Union
Posted Friday, October 11 2013 at 01:00
Nairobi- Uganda will host other partner states in their third attempt to sign the East African Community Monetary Union Protocol this November.
If all goes well, the signing of a Monetary Union’s ratification will be done by all the member states- a gesture expected to see the region transit into having a common currency.
Monetary Union, which is the fourth stage towards a fully-fledged East African Community, has suffered delays, leading to setbacks in the integration process.
Speaking to the private sector in Nairobi, the deputy secretary general of the East African Community, Dr Enos Bukuku, said: “MU signing has been postponed two-times- in Bujumbura but one Attorney General of a member state did not come. The meeting was postponed to Arusha but the AG did not come.”
The MU ratification’s initial signing was first slated for last year in November but has been postponed twice because of a missing Attorney General.
Yet the rules of procedure require all the respective AGs from the member states to be present and sign the ratificaion.
Mr Bukuku called on the sectoral council to request the attorney generals to attend the meeting. To avoid delays, Mr Bukuku suggested that officials should embrace the use of ICT through video conferencing to save on time and delays of moving the integration forward.
Gains of a MU will see the region use a common currency, something which will eliminate the currency exchange fees from the cost of doing business between countries.