African governments have been working to establish a monetary union for the past several years, and the benefits of such a move cannot be overstated. By 2024, the East African Community will have unprecedented cross-border exchange that will revolutionise member economies and foreign investment prospects.
The system will spare investors the headaches and expenses of currency conversion, and that improvement alone will make the region more attractive.
No ad to show here.
However, the East African Community should heed the eurozone’s economic troubles as it works toward implementing its own monetary union. Greece defaulted on US$1.7-billion in debt it owed the International Monetary Fund in 2015, leading it to the brink of exiting the eurozone. It also provided a sobering example of what can go wrong in such an economic bloc.
Read more on Ventureburn.
