The East African Community could start using a single currency in 2024 if everything goes as planned, Rebecca Kadaga, the Minister for East African Community Affairs, has revealed. 

Kadaga, who is also the First Deputy Prime Minister, told the Uganda-Democratic Republic of Congo (DRC) Business Summit in Kinshasa on Tuesday said the variance in the regional currencies was one of the hindrances to smooth trade among the community states. 

She said a verification committee had already been put in place and Uganda, Kenya, Tanzania and Burundi had applied to host the East African Monetary Institute. 

“We are due to receive a report from the verification committee. We think by the end of this year we should be knowing which country is hosting the monetary institute and that institute will be the East African Central Bank,” she said. 

“By 2024, that country will have worked out the requirements to achieve the common currency.” 

The minister said they were learning a few lessons from the European Union although EAC had never had a regional currency before the events changed in 1977. 

“We have more experience in having a common currency than the EU. There is ECOWAS which is having a single currency and it is working out well. There are lessons to learn from them,” she said. 

During the summit, both Ugandan and Congolese traders complained of multiple and unclear taxes that they have to pay before crossing into another country. The Ugandan traders said they pay various taxes in every province of DRC that they cross into. 

Congolese authorities said a committee had been formed to look into issues affecting traders and investors. Earlier, Congolese mister for external trade, Jean Lucien Bussa Tondga members of the business delegation from the Ugandan private and public sectors that his country was working towards ensuring the investment climate is favourable for everyone. 

“The business climate has been enhanced. We have other various tax incentives for you. We liberalized the sectors of insurance and electricity, income tax for foreign companies was reduced while we have other taxes like the mining code. Ugandans should come and take up these opportunities,” Bussa said. 

The minister said his president Felix Tsishekedi had already put in place a committee on improvement of business and that his vision was “creating African billionaires”.  “We have no choice, we have to take advantage of our potential and create African billionaires. It is saddening to learn that billionaires are only found outside Africa, with a few ones on the continent,” Bussa said. 

DRC industry minister Julien Paluku earlier invited Ugandan investors for joint ventures in the manufacturing of phone batteries. 

“DRC is the centre of ecological and industrial revolution. Zambia and DRC are soon start to manufacture phone batteries using the resources (lithium) that we have. We would like to take this opportunity to invite Ugandan entrepreneurs to take part in this venture,” Paluku said. 

He called upon Congolese and Ugandans to forget the past history of conflict between the two countries and work together. 

The Uganda-DRC business summit is organized in partnership with Private Sector Foundation Uganda headed by Stephen Asiimwe and the Office of the Presidential Advisor – Special Duties headed by Odrek Rwabwogo. 

Asiimwe said he was so far impressed by the turn-up for the meeting by the Congolese government officials and investors. 

“Day one was a great experience. We were joined by five strong Congolese ministries. This is an indication that they are not taking the initiative lightly,” Asiimwe said. 

He added: “Ugandans are learning how to enter and invest in DRC while the Congolese are getting to know how to access the Ugandan market.”