In a groundbreaking move towards fostering economic growth and financial inclusion, the Vanuatu Trade Commission of Ghana has entered into a strategic agreement with the African Diaspora Central Bank (ADCB) and its investment arm, Eco-6 Lumi.
The partnership aims to facilitate significant advancements in renewable energy infrastructure, state development, and various other sectors within the Republic of Vanuatu and the West African sub-regional countries.
The signing ceremony, attended 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, solidified the commitment to bilateral cooperation.
This collaboration seeks to eradicate poverty, enhance living standards, achieve economic growth, and address real economic demands through joint programs and actions.
Key areas of cooperation include digitization of economies, economic investment, infrastructural development, industrialization, environmental protection, and ecological restoration. The partnership also focuses on governmental advisory, investments in social housing, energy security, and support for SMEs, among other strategic initiatives.
At the core of this collaboration is the deployment of the LUMI dollar, a unique financial instrument backed by 100kWh of solar energy and pegged to four grains of gold. Not to be confused with cryptocurrency, LUMI serves as hard money and holds a primary market value of US$15.96.
It is poised to play a pivotal role in facilitating payments, settlements, and trade across the regions involved in the agreement.
Speaking on behalf of Eco-6, H.R.M. Rex Semako I & VI King Timothy Elisha McPherson expressed optimism about the transformative potential of LUMI.
He highlighted the currency’s role in fostering economic integration, monetary stability, and financial freedom for millions of Africans and the diaspora, particularly those who lack access to traditional banking services.
As part of the partnership, a LUMI stimulus package is set to roll out in 2024, with a focus on supporting farmers and addressing food security issues. Entrepreneurs and business owners can register on the Swifin Platform to receive a line of credit equivalent to US$10,000 in LUMI.
In anticipation of the agreement’s active implementation, various banks, fintech companies, brokerage organizations, and individuals are encouraged to join the Swifin Platform to engage in LUMI-based trade and transactions in Ghana, West Africa, and Vanuatu.
