East African integration plans blow hot and cold

Author: Jimmie Franklin | Published: 30 Sep 2019

Africa is no stranger to economic consolidation work. A number of regions have been working for years to increase their economic capacity and entice investors in. One of those looking most promising is that of the Eastern African region, taking form as the East African Community (EAC).

The East African Community (EAC) is a Regional Economic Community (REC) that is composed of six Partner States – Uganda, Kenya, Tanzania, Rwanda, Burundi and South Sudan. The EAC was established in 1999 by the Treaty for the Establishment of the East African Community (EAC Treaty). The Treaty was originally signed by regional giants such as Uganda, Kenya and Tanzania, with Rwanda and Burundi acceding to it in 2007 and South Sudan in 2016. In June 2019, the Democratic Republic of Congo also applied to join the EAC.

"Generally, from a banking industry perspective, banks support having a monetary system that promotes regional trade...