EAC Reaffirms Commitment to Single Currency by 2031 Amid Regional Resilience
EAC Reaffirms Commitment to Single Currency by 2031 Amid Regional Resilience
Despite global uncertainties, the East African region demonstrates remarkable resilience, with economic growth projected at 5.2% in 2026—significantly outperforming the Sub‑Saharan Africa average of 4.3%, the EAC Monetary Affairs Committee said following its 29th meeting in Kampala.
Key highlights:
🟠Inflationary pressures have eased, with average headline inflation declining to 6.7% in the fiscal year 2025/2026, down from 9.6% the previous year.
🟠Partner states have made progress in modernizing monetary policy frameworks, strengthening macroeconomic surveillance, and building institutional capacity.
🟠The committee agreed to accelerate implementation of the EAMU roadmap through enhanced peer review mechanisms and the operationalization of the 7th EAC Development Strategy (2026/27–2030/31).
🟠The EAC Cross‑Border Payment System Masterplan is being implemented to facilitate seamless payments, reduce transaction costs, and boost intra‑EAC trade.
"The East African Monetary Union remains a strategic objective that demands sustained commitment, policy harmonization, and strong regional institutions," said Committee Chairperson Dr. Michael Atingi‑Ego, reaffirming the resolve to stay on course toward a single EAC currency by 2031.
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