The EAC Heads of State signed the Monetary Union Protocol in Kampala in 2013 outlining a 10-year roadmap to realise a single currency remains a pipe dream because there is little that has been done by member states towards harmonising domestic policies and laws. Despite member states ratifying the East African Monetary Union in 2014, which is one of the cardinal pillars in the region’s integration process, governments in the region are still far from implementing propositions and harmonising policies required to attain a single currency by 2024.

The target for a grandiose single currency is being pushed by regional leaders as a way of achieving a financial integration agenda within the agreed time frames. Only four years remain for the East African Community’s Monetary Union to come into effect, and observers say that it is almost impossible to beat the 2024 deadline. The plan started when the region crafted a free trade area to push for a bigger free trade area in the continent which will go a long way in promoting trade.

Establishment of a stable Monetary Union requires a strong institutional framework to monitor and enforce convergence. According to the East African Monetary Institute (EAMI) Act 2019, the Act shall come into force whenever the Council publishes it in a gazette notice. The Council which was expected to meet in November 2020 and guide on the Act didn't convene to pronounce itself on the matter. Meanwhile, the Bill for the establishment of East African Bureau of Statistics was passed by the East African Legislative Assembly (EALA) in September 2018, and is awaiting assent by the heads of state. As the deadline for 2024 draws near, there is no indication that it will be met given stagnation happening at institutional level.