Africa: Unequal development levels could hamper East African integration

Most Kenyans are not aware that 2012 is not just a critical election year, but also the year that will usher in a major change in the financial landscape of the country and Eastern Africa, writes Rasnah Warah in the Daily Nation. Next year, the East African Community is set to adopt a common currency in the five member states (Burundi, Kenya, Rwanda, Tanzania and Uganda), which is expected to reduce the cost and risk of doing business in the region. While the EAC is determined to go ahead with plans to adopt a common currency, sceptics are not sure whether the currency will be viable, especially as the region’s various members experience vastly differing socio-economic conditions, which could hinder the sustainability of the monetary union.