East African Community moving towards one currency

The member states of the East African Community (Burundi, Kenya, Rwanda, Tanzania and Uganda) have signed a monetary-union deal. One aspect of this deal is a 10-year timeline for the establishment of a regional single currency. The agreement is the result of nearly a decade of talks. The member states will now try to establish institutions (like a regional central bank and a statistics body) to support the single currency.

"With a total population of about 135 million people, East Africa is becoming an investment magnet following a flurry of natural-gas and oil discoveries. Uganda and Kenya have discovered huge amounts of oil, while Tanzania boasts of huge natural-gas reserves. International companies have already started exploiting these resources, and the region is poised to become the next major energy hub in Sub Saharan Africa."