Kenya, Uganda, Tanzania, Burundi and Rwanda's presidents have signed a monetary Union Protocol to form a single currency for the East African Countries. The protocol, which will be valid for 10 years is expected to help improve trade between the countries.
“Business will find more freedom to trade and invest more widely, and foreign investors will find additional, irresistible reasons to pitch tent in our region. That will guarantee increased investment and further transform the region,” said Kenyatta.
Mr. Uhuru Kenyatta who was installed as the chairman of the East African Community has also urged head of states to eliminate barriers hindering regional growth. He stressed that there is need to allow free movement to provide opportunities for generating prosperity.
The picture that will be on the new EAC currency is still a subject of debate. While many people are suggesting Uhuru Kenyatta's picture to be on the currency, critics argue that this will create a division between Kenya and the East African Community.