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{
"id": 496597,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496597/?format=api",
"text_counter": 104,
"type": "speech",
"speaker_name": "Hon. (Ms.) Nyamunga",
"speaker_title": "",
"speaker": {
"id": 738,
"legal_name": "Rose Nyamunga Ogendo",
"slug": "rose-nyamunga-ogendo"
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"content": "Initially, when we started discussions on a monetary union, most of us were a bit skeptical, because we did not understand that there are several issues that surrounded the establishment of the East African Community Monetary Union (EACMU). But then after involving several stakeholders and being taken through different aspects, we found that there were difficulties with it. Eventually, we came to an agreement that it is very important that we go for the EACMU. Now, looking at the trade that we have amongst East African states, and looking at Uganda in terms of trade, Uganda is very much ahead. This is because they have liberalised the market, and have got a lot of free trade and their taxes are a little bit lower than in Kenya. You realize that most of the imports that get across our roads are transported to Uganda. A trader from Kenya will still go across to Uganda to buy the same goods at a cheaper rate compared to importing them directly, maybe from places like China. Then you will realize that there is a lot of free trade in Uganda. Hon. Speaker, if you look at Uganda, they do not have a lot of factories compared to Kenya. Therefore, if EACMU is established, Kenya will benefit so much in terms of trade. We also realize that we had a lot of reservations on issues of the exchange rate. This is because our economy and currency are stronger than others in East Africa. Therefore, most of us had difficulties understanding, or accepting that it will be regularized to the extent that Kenya is still going to be ahead of others when it comes to the strength of our economy. But after going through the legalities, the implications and work that will be done by the central banks, it became clear to us that initially it may not be very apparent. But in the long-run, Kenya will stand to gain from free trade, especially when it comes to manufacturing. It is Kenya that is going to manufacture a lot of goods that will be circulated, or will go, across the borders in trade. Hon. Speaker, another thing that was very apparent is the fact that most of Kenyans, including some of us, were not so much sensitized about other unions that took place, like the customs and the free movement of people and goods. Therefore, when it comes to EACMU, most people need to be sensitized. Kenyans should be made to understand the implications, so that when we get into the union, we move together, and everybody will be reading from the same page. Another thing which became apparent was the issue of legal obligations. We realized that if it is going to be give-and-take here and there, when it comes to the central bank, we may not have our independent central bank. We are going to have one central bank regulating the finances of the whole of East Africa. On the issue of loss of jobs and independence, when it comes to regulations and the Constitution--- Our Constitution will be affected, if we put the monetary union The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}