By Deng Athian
South Sudan is set to host Monetary Affairs of East Africa conference, from April 28th to May 3rd, in Juba.
Governors of Central Banks from East African member states that include Kenya, Uganda, Tanzania, Rwanda, Congo, Burundi, Somalia, and the host country, South Sudan will attend the event.
Bank of South Sudan governor and Chairman of Monetary Affairs Committee of East Africa, Dr. James Alic Garang disclosed to the media objectives of the conference.
“The primary goal is to review the progress made towards establishing a monetary union for the East African Community,” Dr. Alic explained.
He said that the establishment of the monetary union is expected to occur around 2032 or 2034, in approximately 8 to 10 years.
“There is an ongoing roadmap that is reviewed annually under the rotating chairmanship of the member states,” he added.
Currently, South Sudan holds the chairmanship, which is headed by President Salva Kiir Mayardit.
As the sitting Governor of the Bank, Dr. Alic assumes the role of the Chair of the Monetary Affairs Committee of East Africa.
Dr. Alic further outlined the schedule for the conference, stating that the initial days will focus on technical committee meetings and working groups.
These sessions will review the progress achieved thus far.
The Bank of South Sudan has expressed its readiness to host the conference and has already established various committees to oversee the preparations, including budgeting, venue selection, timing, and logistical arrangements.
“For us, as the Bank of South Sudan, we have already formed the various committees that are working on preparations for example the budget, the venue, the timing, the location, all these things are being worked out,” Dr. Alic concluded.
The conference on Monetary Affairs in Juba represents an important step towards enhancing monetary cooperation and integration within the East African region.
It offers a platform for member states to discuss and assess the roadmap towards establishing a monetary union, fostering economic stability and growth in the long term.