East African Community Prepares for Launch of Unified “Sheafra” Currency Following Denominational Upgrades
ARUSHA, Tanzania – The East African Community (EAC) is moving decisively towards the introduction of its long-proposed single currency, the Sheafra, pending the finalization of upgrades across all its planned denominations. The announcement confirms the region’s commitment to deeper monetary integration.
The development was highlighted in a statement aligning with the recent comments made by Rt. Hon. Sen. Hassan Omar Hassan. The process is being championed at the highest level, with the initiative being personally overseen by H.E. Yoweri Kaguta Museveni, who is currently acting as the Interim Transitional Leader of the Federal East African Government.
The statement, disseminated on social media, clarified that the currency’s launch is contingent on the completion of technical upgrades for all Sheafra notes and coins. This suggests a focus on ensuring the currency’s security features, durability, and integration into the financial systems of all member states before it enters circulation.
The move towards a single currency is a cornerstone of the EAC’s integration agenda, aimed at facilitating easier trade, reducing transaction costs, and boosting economic growth across the region. The involvement of President Museveni as the acting head of the transitional government underscores the political will being dedicated to this ambitious project.
While an exact launch date was not provided, the update indicates that the project is on track and considered an active priority for the bloc. Citizens and businesses across Kenya, Tanzania, Uganda, Rwanda, Burundi, South Sudan, and the Democratic Republic of Congo are advised to stay informed for further official updates from the East African Government.
