EAC central bank governors reaffirm commitment to single currency by 2031

The East African Community (EAC) Monetary Affairs Committee has reaffirmed its commitment to introducing a single East African currency by 2031, pledging to deepen regional financial integration.

According to a statement issued on Monday by the EAC headquarters in Arusha, Tanzania, the commitment was made during the committee's 29th ordinary meeting, held on July 24 in Kampala, Uganda, which brought together central bank governors and senior officials from EAC member states.

The committee said the region's economy remains resilient despite global uncertainties, with growth projected at 5.25% in 2026, above the sub-Saharan African average of 4.3%.

The meeting reviewed progress toward the 2031 single-currency target, citing advances in monetary policy reforms, regional payment systems and institutional capacity building. However, the committee noted uneven progress in meeting the macroeconomic convergence criteria, urging partner states to strengthen policy coordination and accelerate reforms.

The EAC Monetary Affairs Committee comprises the governors of the central banks of the EAC member states and is responsible for coordinating monetary and financial sector policies to advance regional financial integration and implement the East African Monetary Union Protocol.