WAPP introduces 1st digital currency, LUMI as a stimulus for COVID-19
The Secretary-General of the West African Association of Political Parties Dr. Henry Lartey, has asked Ghanaians to take advantage of the COVID-19 stimulus package put in place by the Economic Community of States, Territories, and Realms of the African Diaspora Sixth Region (Eco-6).
Speaking exclusively to Rainbowradioonline.com, Dr. Lartey, who is also the presidential candidate for the Great Consolidated Popular Party (GCPP), said the initiative is being rolled out through the first digital currency in the world, LUMI.
Dr. Henry Lartey explained that LUMI is underwritten completely by solar energy and convertible into gold.
He said the LUMI has been listed amongst the most valuable currencies in the world.
Dr. Henry Lartey was hopeful through the LUMI nad the stimulus package, businesses, and the economy in Africa would over the shocks of the COVID-19.
Businesses that want loans, he added, would get them at zero rates, and communities that have COVID-19 related projects are also entitled to grants.
Dr. Lartey further explained that LUMI will facilitate a new era of economic growth and cooperation between continental Africa and the Sixth Region.
As the global African family enters the 4th industrial digital revolution, the RESET, the LUMI will be used to finance sustainable African industrialization and ensure that African resources are used to advance the economic interests of Africans on the continent and in the Sixth Region.
Individuals who successfully apply for the package will get $100 every month for 36 months.
”Not only that if you doing business and you want a loan, they will give you a loan at zero rates. If you are a community and you want to build something in the community, they will give you a grant.”
He commended Eco-6 for the initiative saying it proves Africans are capable of managing their own affairs.
In Uganda, he said 800 persons have benefitted from the LUMI stimulus.
Persons and businesses who wish to apply for the support can visit https://platform.swifin.com/
The framework for the LUMI was established within the Bank Act of Accompng in 2014, and in September of 2020, the LUMI was designated as the official currency for the Economic Community of the African Diaspora Sixth Region (ECO-6), establishing it as the first African regional currency to be issued. The Economic Community of West African States (ECOWAS) is expected to issue its regional currency, the ECO, at the end of 2020.
Each LUMI is underwritten by 100 solar-kilowatt-hours of energy, and it is issued in both physical notes and digital denominations. For users around the world, digital LUMI can interface with smartphones, smart-watches, personal computers, and can interoperate with existing payment systems.
The LUMI, with its fixed nominal terms and universal accessibility, carries with it the fiscal integrity that belongs to real money. Each issued LUMI is underwritten by one hundred kilowatt-hours of solar energy. The currency valuation against gold-grains is a parity of 1-to-4, where one LUMI equals the market value of 4 grains of gold.
The Economic Community of States, Territories, and Realms of the African Diaspora Sixth Region was established by Treaty on August 1st, 2019.
ECO-6 has been established as an enabling framework for cooperation between members of the African Diaspora both among themselves as well as with continental Africans.
ECO-6 seeks to make the Diaspora the most important trading partner for Africa, with a view towards poverty eradication through African industrialization and internal trade.
By advancing the global African political dialogue in areas such as renewable energy, culture, education, agriculture, health care, security, and finance, ECO-6 will serve as a formidable catalyst of integration between Africa and the Diaspora.