The East African Community’s dream of establishing a single currency by 2012 might not be realised after financial consultants warned that the bloc risks serious consequences if it rushed into a monetary union. Consultants have warned that should the monetary union be hurried, “it could cost the EAC partner states dearly”.
Local, regional and international financial experts are concurring with the European Union advisers that the EAC is not ready yet for a monetary union. According