LEGAL analysts welcome the move by finance ministers in the East African Community to plan ahead for the possibility of the region acquiring a single currency in the next 10 years.
Speaking to 'Daily News on Saturday' at different occasions, analysts say the move is right and gives time for harmonising East Africa trade, monetary and financial statistics framework, to inform the bloc's planning functions.
An advocate at Kibuuka Law Chambers, Mr Paul Kibuuka described adoption of the draft protocol as historic and a milestone. He said the draft protocol is a culmination of rigorous negotiations that started in January 2011.
EAC Heads of State will sign a protocol establishing the East African Monetary Union in November this year. Speaking to 'Daily News', Dr Lenny Kasonga of University of Dar es Salaam said the signing the East African Monetary Union protocol would pave way for the establishment of East African Monetary Union and subsequently, the East African single currency to be attained after a 10- year period.
"Signing of the convergence criteria paves way for the bloc's highest organ to flag off the 10-year implementation period that will culminate in the launching of a single currency for the EAC, " he said.
This was the second council meeting for the East African Finance and Economic Affairs, which saw EAC Ministers signing an agreement spelling out recommendations they agreed upon to establish the East African Monetary Union in the long run.
Finance minister, Dr William Mgimwa said they have agreed on harmonising the East African statistics, which are critical to achieve a strong Monetary Union.
This emerges from earlier submissions by the sectoral co-ordination committee, comprising technical staff from member states, which recommended that by December this year, there should be a full time expert on secondment terms on a rotational basis for two years.