2009: Currencies for East African Community and West African Monetary Zone
2009 will feature the implementation of two separate common currencies in Africa.
The East African Community (EAC) is a regional organization for Kenya, Uganda, Rwanda, Burundi, and Tanzania. Established in 1999,
the organization seeks to enhance cooperation and economic integration among these countries given their shared language
and history. By the end of 2009, the EAC plans to introduce the East African shilling, a common currency for its members.
This will be the first step in the member countries' plan to form a single East African Federation with one President by 2010.
At the same time, the West African Monetary Zone (WAMZ) - composed of ECOWAS members Gambia, Ghana, Guinea, Nigeria and Sierra Leone - will introduce its own common
currency, the Eco. Founded in 2000, the WAMZ seeks to use the Eco to counter the strong CFA franc, which is currently used in twelve former French
colonies. Eventually, the two organizations
intend for the CFA franc and the Eco to merge, thus establishing a single currency for all of West and Central Africa.
Links
Africa Union on the EAC
West African Monetary Institute