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New EAC Minister Otafiire Calls for Single Currency

The new EAC Minister and former Justice Minister, Kahinda Otafiire has called for a single currency for the East African region while taking over his new docket.

Otafiire yesterday took over the new ministry from Hon Kirunda Kivejinja.

“The question of a single currency is an aspiration. East Africa used to have a single currency and I am privileged to have used that currency but after Independence we all got drunk with sovereignty and we thought we could do it on our own,” he said.

“We developed super eagles as countries and we didn’t know that together we survive, separately we are going to hung. Together we are strong, separately we are weak,” said Otafiire.

“We should work together for a single currency, a federation, political union and a customs union to ensure that we bring benefits to our people,” he added.

The minister termed himself not just as a Uganda patriot but an East African in particular and African patriot as whole.

On his part, the outgoing Minister Kivejinja said the Ministry has always been in the hands of visionaries of this country.

He added that the most important thing the region needs is political confederation.

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The Minister of State for East African Community Affairs Julius Maganda said the Ministry is mandated to steering regional agenda anchored on four pillars of customs union, common market, monetary union and political confederation.

As a result, Maganda said they are endeavouring to remove tariff barriers on goods in the region, adopt a single currency and establish EAC Central Bank by 2024 and on matters political confederation he said they are in final stages of drafting EAC constitution.

 

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