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A weekly development news platform published by UrgeDevWire, produced by Urge Communications. Covering wider East African region.

Dev-News News Desk| East Africa. Urge- DevWire

EAC Central Bank Governors Report Uneven Progress on Single Currency Roadmap

Kampala, Uganda | 24 July 2026

Governors and senior officials from the central banks of the East African Community convened in Kampala on 24 July for the 29th Ordinary Meeting of the EAC Monetary Affairs Committee, chaired by Bank of Uganda Governor Michael Atingi Ego.

The meeting reviewed progress toward the bloc's revised roadmap for a single East African currency, targeted for 2031. Officials confirmed that no Partner State has yet met all four primary convergence criteria required under the monetary union framework, which cover inflation, fiscal deficit, public debt and foreign reserve benchmarks. Kenya's central bank governor Kamau Thugge attended alongside representatives of the EAC Secretariat.

The Committee's findings will feed into the wider institutional reform process under the bloc's 7th Development Strategy (2026/27 to 2030/31). Analysts note that convergence gaps, particularly around fiscal deficits and reserve adequacy, continue to push back realistic timelines for monetary integration, even as political commitment to the project remains publicly intact. The meeting forms part of a broader sequence of EAC institutional business this month, including a treaty amendment session in Kigali and statistical capacity building initiatives. No new convergence targets or enforcement mechanisms were announced.

Sources: East African Community Secretariat:

Dev-News Desk| East Africa. Urge- DevWire