The Vanuatu Trade Commission of Ghana has signed an agreement with the African Diaspora Central Bank (ADCB)/ Eco-6 Lumi as its strategic trading partners for the Republic of Vanuatu and the West African sub-regional countries.
The Vanuatu Trade Commission Ghana represents a sovereign trading partner of the Economic Community of West African States (ECOWAS)while ECO-6 invests in members and trade partners of African Regional Economic Communities (RECs). The Vanuatu Trade Commission and ECO-6 have signed an agreement pertaining to the provision of financing of renewable energy infrastructure, as well as the development of diverse state infrastructures in Vanuatu and in the ECOWAS sub-region.
ECO-6 is ready, willing, and able to invest in the Republic of Vanuatu and ECOWAS, and the Trade Commission has agreed to partner in the diplomatic facilitation of the same. The agreement was signed by H.E. AMB. PROF. HUGH KEKU ARYEE, Vanuatu Trade Commissioner to Ghana, and H.R.M. REX SEMAKO I & VI KING TIMOTHY ELISHA MCPHERSON, Chairman of ECO-6 and President of the African Diaspora Central Bank (ADCB).
BILATERAL COOPERATION
To eradicate poverty, significantly increase standards of living, ensure full employment, achieve tangible growth of the economy, and meet real economic demand with supply, the Agreement advances cooperation between ECO-6 and the Trade Commission for the implementation of joint programmes and actions.
Key areas of cooperation include payments and settlements, digitization of economies, economic investment, infrastructural development, industrialization, manufacturing, environmental protection and ecological restoration, governmental advisory, investments in social housing, energy security, food and agricultural security, education, health, transportation security, investments in SMEs, and the exchange of information for various other areas of strategic cooperation.
The investment funds made available by ECO-6 through its monetary authority, the African Diaspora Central Bank (ADCB), constitute non-recourse funding under the Diaspora Direct Investment (DDI) framework and thereby creates no burden upon the local tax-payer. The Trade Commission shall ensure its full cooperation in the successful delivery of energy, and further preserve the strength and integrity of the LUMI as a global African currency.
This includes energy infrastructure and access to other relevant resources, commodities, and/or potential carbon credits attached to such resources as may be monetized in LUMI. The energy infrastructure and or delivered electricity is the first call of ADCB. Regional Economic Communities (RECs) are the building blocks for African economic integration, and they are the foundations of the African Continental Free Trade Area (AfCFTA). The overarching framework for African Economic Communities was established in the “1991 Abuja Treaty for Establishing The African Economic Community”.
What is LUMI dollar? LUMI is not a cryptocurrency. It is hard money. The LUMI is underwritten by 100kWh of solar energy and pegged to 4 grains of gold. The weight of 4 grains of gold is 0.2592 grams.
The primary market value of 1 LUMI is US$15.96. LUMI is distributed in digital form under the regulatory license of the African Diaspora Central Bank. It is used as the base currency on the SWIFIN platform and licensable to other digital market participants.
Anyone can use LUMI to pay for goods and services from members willing and able to accept payment in LUMI for such goods and services without recourse to settlement in any other currency.
The AKL LUMI stimulus has concluded several successful pilot programs in the Americas that support have supported training, entrepreneurship, business, healthcare, skills development, social economic growth, and the advance of goods and services within a Pan-African economy.
The Vanuatu Trade Commission is working to participate in the execution of a LUMI stimulus that will assist farmers and their families both in Africa and throughout the Diaspora, and thereby tackle food security and other related issues.
The issuance of this stimulus package will begin in 2024. Business owners and entrepreneurs have the opportunity to register on the Swifin Platform at https://platform.swifin.com/ to receive the equivalent of US$10,000 in LUMI by means of a line of creditas well as individuals benefiting from same platform.
In line with this objective, various banks, Fintech companies, Brokerage organisations, and individuals can register on the new ecosystem to trade LUMI for various products and services in Ghana, West Africa,and Vanuatu.
The onboarding of financial institutions and other statutory organizations will take off as soon as the required technical and regulatory modalities are completed, predicted for the end of Q1 2024 with active engagements by private organizations, stock markets and the digital marketplace.
This will also compliment the various other strategic trade cooperations of ECO-6, inclusive of the new free-trade zone being established on the Island of Antigua and Barbuda in conjunction with the West African-based company La Campagne Tropicana Beach Resort, where LUMI has been designated as the official currency of trade.
H.R.M. Rex Semako I & VI King Timothy Elisha McPherson, Chairman of the Economic Community of the Sixth Region and creator of the LUMI, said “We are in a new economic era. As a global African currency, the LUMI will bring economic integration and monetary stability to the continent and the Diaspora.
There is approximately eighty percent (80%) of African people who do not have access to a bank account. The LUMI will give access and allow people to participate in a new era of economic freedom through the eradication of poverty and the creation of prosperity”.
The agreement between the Vanuatu Trade Commission and ECO-6 is consistent with their commitments to climate action, poverty eradication, and inter-regional sustainable development targets with Vanuatu as its new target for massive infrastructural development and inclusive financial global systems as the world moves towards the fourth industrial revolution.
H.E Amb. Prof. Hugh Aryee, The Vanuatu Trade Commissioner in his acceptance remarks said “The birth of Lumi has emerged at a time when global financial systems are moving to the new ecosystem-digital marketplace. We embrace this agreement as a sign of hope for our jurisdictional relevance of the Vanuatu Trade Commission. The LUMI will facilitate economic growth and development of Continental Africa, the 6th region of Africa and the good people of Vanuatu in the South Pacific”.
African Diaspora Central Bank (ADCB) Lumi is to be launched to transform and develop West Africa and Vanuatu, bringing financial inclusion to everyone. Million Africans and our Diaspora families benefit through financial stimulus packages from the Vanuatu Trade Commission and ADCB.
