East African Community Leaders Meet to Discuss Single Currency Roadmap

Finance ministers from the East African Community met in Arusha this week to assess progress toward a proposed EAC single currency, a project first outlined more than a decade ago.

A joint communique said member states have made "uneven progress" on the macroeconomic convergence criteria, including inflation and public debt targets, needed before a monetary union can proceed.

Uganda's central bank governor said the country remains broadly on track but flagged the need for tighter fiscal coordination across the bloc.

Officials did not set a new target date for the currency's introduction, with the original 2024 timeline having already lapsed.