The Vanuatu Trade Commission of Ghana has entered into a groundbreaking agreement with the African Diaspora Central Bank (ADCB) and ECO-6 Lumi, solidifying their strategic partnership for the Republic of Vanuatu and West African sub-regional countries.
Representing a sovereign trading partner of the Economic Community of West African States (ECOWAS), the Vanuatu Trade Commission Ghana and ECO-6 have inked a comprehensive agreement aimed at financing renewable energy infrastructure and diverse state infrastructures in both Vanuatu and the ECOWAS sub-region.
The agreement, 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 ADCB, outlines a commitment to bilateral cooperation focusing on poverty eradication, improved living standards, full employment, economic growth, and meeting real economic demand with supply.
Key areas of collaboration include payments and settlements, digitization of economies, economic investment, infrastructural development, industrialization, environmental protection, and more. The partnership is set to leverage ECO-6’s non-recourse funding under the Diaspora Direct Investment (DDI) framework, channeled through the ADCB, without burdening the local taxpayer.
One notable aspect of the collaboration is the introduction of LUMI, a hard currency pegged to solar energy and gold. Not a cryptocurrency, LUMI serves as the base currency on the SWIFIN platform, allowing users to pay for goods and services without recourse to settlement in any other currency. The AKL LUMI stimulus, with its successful pilot programs in the Americas, is set to extend its impact to Africa and the Diaspora, tackling issues like food security.
The Vanuatu Trade Commission aims to actively participate in the execution of the LUMI stimulus, benefiting farmers and their families across Africa. Interested business owners and entrepreneurs can register on the Swifin Platform to receive a US$10,000 equivalent in LUMI as a line of credit, further promoting economic activities.
As part of the broader initiative, financial institutions, Fintech companies, brokerage organizations, and individuals can register on the new ecosystem to trade LUMI for various products and services in Ghana, West Africa, and Vanuatu. The onboarding process is expected to begin by the end of Q1 2024, fostering a dynamic digital marketplace.
H.R.M. Rex Semako I & VI King Timothy Elisha McPherson, Chairman of ECO-6, highlighted the transformative potential of LUMI, bringing economic integration and monetary stability to the African continent and the Diaspora. The agreement aligns with commitments to climate action, poverty eradication, and inter-regional sustainable development, positioning Vanuatu for massive infrastructural development in tandem with global financial system shifts toward the new ecosystem-digital marketplace.
In accepting the agreement, H.E Amb. Prof. Hugh Aryee, The Vanuatu Trade Commissioner, expressed optimism for the role of LUMI in facilitating economic growth and development across Continental Africa, the 6th region of Africa, and the South Pacific nation of Vanuatu. The launch of ADCB Lumi aims to bring financial inclusion and stimulus packages to millions of Africans and Diaspora families, marking a pivotal step towards economic freedom and prosperity. Read Similar Story
Source: Oman FM 107.1