MPs in a sitting at the East African Legislative Assembly in Arusha, Tanzania. Photo: Curtesy

The East African legislature says plans to implement a single currency for the region by 2024 is unlikely due to delays in decision-making by the council ministers.

The East African Monetary Union has been considered an important stage in the process of East African Community Regional Integration.

The Protocol adopted in accordance with the EAC Treaty, signed on 30^th of November 2013, lays groundwork for a monetary union within 10 years.

This is to allow the EAC Partner States to progressively converge their currencies into a single currency in the Community.

However, the East African legislative assembly parliamentary committee on Thursday said the target may not be achieved as set for in 2024.

The block MPs have attributed the delays to what they call lengthy processes and decision making by the council of ministers.

They have also cited absence of legal frameworks and support bills to enable its implementation particularly on the establishment an EAC bank and the headquarters.