EAC Central banks turn to gold in effort to revive single currency by 2031

Central Bank of Kenya Governor Dr Kamau Thugge at Bunge Towers, Parliament, Nairobi. July 21, 2026. [Elvis Ogina, Standard]

East African central bank governors have vowed to accelerate plans for a single regional currency by 2031 while pursuing aggressive diversification of foreign reserves through domestic gold purchases, as geopolitical conflicts and soaring energy costs threaten macroeconomic stability across the bloc.