East African Community partner states have failed to agree on which should host the East African Monetary Institute (EAMI), on the key establishments a single currency regime.
The East African Community partners submitted their pitches to host the institute that would later transform into a regional central bank. But the EAMI has become a hot potato, with member states jostling to host it, angling to avail themselves of the massive potential to attract foreign capital and become the region’s financial hub.
However, Kenya and Uganda have rejected the verdict of a verification exercise commissioned to determine the country best suited to host the institution, which chose Tanzania.
The two partners have questioned the objectivity of the exercise. During the 42nd Council of Ministers meeting in Arusha two weeks ago, disagreements prompted suspension of discussion on the selection of the EAMI host.
The verification carried out in March this year ranked Tanzania most suitable, with a score of 86.3%, followed by Uganda at 82.42% and Burundi at 78.1%. Kenya was the least qualified with 77.35%. The other partners did not express interest.
Reports show that Uganda is dissatisfied with the report of the verification committee and would like the matter to be escalated to a higher level.