The long expectations of the beneficiaries of the Lumi currency stimulus has again been assured by the Diaspora Central Bank’s President to become a reality soon.
Speaking during the fifth and last series of the “Financial Master Class” a virtual financial training programme organized by Lumi Africa, McPherson said the withdrawal and subsequent exchange of the Lumi currency is definitely going to come soon.
He said it is a regional currency that must be integrated and recognized by the other five indigenous regions of Africa as soon as the continent implements the AfCFTA.
“when it comes to the topic of conversion I will reiterate what I’ve always said, even though conversion will and must be a reality of the immediate pressing forward. Our focal point is to use Lumi as a dedicated currency irrespective of what you are, it is the official currency of the kingdoms”. He added.
The ADCB’s President went on to say “lumi is the wealth of the Diaspora Region” which in the present era of trade within the six regions of Africa, we will definitely see Lumi being fully integrated.
What this actually mean is that, as AfCFTA implementation which has already began with the first shipping from Ghana (West Africa) on the 4th of January 2021 becomes more popular with goods either coming in from the Caribbean or exported to the Caribbean Lumi will definitely be integrated.
The AfCFTA creates a single market for goods and services made in Africa, removes tariffs by 90% and removes non-tariff barriers such as tariff delays.
A single market of 1.2 billion people and a combined GDP of $ 3 trillion is potentially a solid foundation for industrialization.
Today, intra-African exports account for around 17% of total continental exports. An increase in this quota should increase the added value, contribute to the creation of jobs and increase income.
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