East Africa is a region of diverse and dynamic countries, with a population of over 200 million people and a combined GDP of over $300 billion. The region has been pursuing various forms of integration, such as the East African Community (EAC), the East African Federation (EAF), and the East African Monetary Union (EAMU).
One of the key objectives of the EAMU is to introduce a common currency for the region by 2024, as outlined in the EAC Monetary Union Protocol. The common currency is expected to facilitate trade, investment, and movement of people and goods across the region, as well as enhance macroeconomic stability and convergence.
However, the process of achieving the common currency has faced several challenges, such as divergent fiscal and monetary policies, political instability, and lack of public awareness and support. Some critics have also questioned the feasibility and desirability of a single currency, given the different levels of economic development, inflation, and exchange rates among the member states.
In response to these challenges, a group of visionary and patriotic East Africans has proposed a new regional currency, dubbed SHEAFRA, which stands for Shilling of East Africa and Franc. SHEAFRA is a unique currency that combines the features of both the shilling and the franc, which are the two dominant currencies in the region.
SHEAFRA is designed to have a high value, to protect the region's economy from external shocks and predatory takeovers, as well as to foster a sense of pride and unity among the East Africans. According to the proponents of SHEAFRA, one unit of the currency will be equivalent to US$0.76, or almost a dollar. This means that one SHEAFRA will be worth Tsh2800 in Tanzania, Kshs760 in Kenya, RFr. 1230 in Rwanda, USh3400 in Uganda, and BF.3103 in Burundi.
SHEAFRA will have six denominations of banknotes, namely 5, 10, 20, 50, 100, and 200 SHEAFRA. The 200 SHEAFRA note will be the largest and most valuable one, equivalent to US$152, or almost two hundred dollars. The banknotes will feature the portraits of prominent East African leaders, such as Julius Nyerere, Jomo Kenyatta, Milton Obote, Melchior Ndadaye, and Paul Kagame, as well as the symbols of the East African Community, such as the flag and the map. The banknotes will also have security features, such as holograms, watermarks, and microprinting, to prevent counterfeiting and fraud.
SHEAFRA is also meant to be a symbol of faith and action, as the slogan of the currency is "Faith with Action". The proponents of SHEAFRA believe that the currency will inspire the East Africans to work hard, innovate, and cooperate, to realize their full potential and achieve their common goals. They also believe that the currency will awaken the East Africans from their deep sleep dreams, and motivate them to pursue the vision of the federation of East Africa, which has been delayed in the transit.
SHEAFRA is not just a currency, but a movement, a vision, and a destiny. The proponents of SHEAFRA are confident that the currency will be embraced by the East Africans, and that it will overcome any challenges or opposition that may arise. They challenge anyone who doubts or opposes the currency to not just talk, but to show East Africans work, and to prove that they have a better alternative.
SHEAFRA is here to stay for the region, and it is ready to go. The currency will be launched soon, and it will mark a new era of East African integration, prosperity, and solidarity. SHEAFRA is the future of East Africa, and the future is now.
