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{
    "id": 496580,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496580/?format=api",
    "text_counter": 87,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "Thank you, hon. Speaker. On the issue of markets, the Chairperson talked of 120 million people accessing the market. That is a wonderful idea, but does it mean that we must, as a matter of necessity, achieve the common currency union before we can access that market? The answer is “no”. The first two pillars that we have already established; the Customs Union and the Common Market, should enable us to access the 120 million people market that we are talking about. That is a positive aspect that is notable so far, but its realisation is not necessarily dependent on establishment of a common currency. Hon. Speaker, the laws that must be amended for the purpose of a common currency protocol include the Central Bank Act, the Banking Act, the Micro Finance Act, the procurement laws, among others. I have no doubt that in order to amend these many laws, amongst others which are hidden, we will require a national referendum. We must, therefore, look at these issues keenly. We should do a cost-benefit analysis to see if it is really prudent for us to ratify this protocol at the moment, or whether we should wait a little longer as we consult widely, so that we can decide on the matter at a later date."
}