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Common currency? Well, region must first build trust and grow investment

Despite the success of the European Union model, the EAC’s push for a single currency is not compelling. PHOTO | FILE | NATION MEDIA GROUP

By  ALOYSIUS UCHE ORDU

With news about West Africa’s plan to introduce a regional currency, the Eco, one is reminded that the idea is also an East African Community aspiration. 

The East African Currency Board issued the East African shilling as legal tender in Kenya, Tanzania and Uganda in 1919. It was replaced in 1966 after Independence ushered in national currencies. Fast forward to the 21st century and the EAC plans to launch a regional currency in 2024. Meanwhile, here are some issues to ponder.

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