Uganda has rejected a report instituted by the East African Community to assess its preparedness to host the East African Central Bank.
Addressing journalists in Kampala the minister for East African Affairs Rebecca Alitwala Kadaga told journalists that the committee that drafted the report recommended Tanzania not Uganda.
Kadaga had early this year said that Uganda was ready to host the regional monetary institute and the Central Bank of East Africa.
Uganda was competing with Tanzania, Kenya and Burundi.
However to Uganda’s shock, Kadaga said, Tanzania was selected. Kadaga said the decision was unfair because Tanzania already hosts a number of key EAC institutions.
“They claimed Tanzania doesn’t have institutions of the EAC, which is not true. We are going to sit down and distribute all institutions to the EAC member countries,” Kadaga said.
By 2025, it is expected that the EAC member states will have a single currency.
Kadaga said the community will look into the request by Somalia to join it.
“We are going to send a team to Somalia by end of the year a report should be ready by next year and discussions for Somalia to join the EAC will start.