Here comes a new year, 2021. The world is moving very fast, and people need to adapt to the recent changes that occur. The coronavirus disease has taught the globe a vital lesson of adaptability or flexibility. Anyone who is not ready to change their ways will have difficulty coping with the world’s new challenges. In other words, I am talking about the power of invention and innovation. Every day the world experiences or has new creations that other people have established or formed. Now is time for Africa to rise too. The Pan-African Global currency is aimed at eliminating African debts.
This is the only way the world can be different from the past years it has undergone. Recently, there has been a financial creation of a new currency called the Lumi currency that will hopefully have a significant impact on the globe, particularly the African continent and foreign regions with people of African ancestry or the African Diasporas.
Description of the Lumi Currency (The Pan-African Global Currency)
The Lumi currency is the official currency of the Accompong Town in the Sovereign Territory of the Maroons on the Caribbean Island of Jamaica where the ECO-6 and The State of the African Diaspora have their siege. The Lumi comes from the word LUMINOUS. The solar and renewable energies back or support the Lumi. The Lumi is underwritten by 100 solar-kilowatt-hours of solar energy and convertible to 4 gold grains. 4 grains of gold in weight are equivalent to 0.2592 grams.
The current value for a single Lumi is US$15.96. The Central Bank of Accompong issues the Lumi in both physical notes and digital denominations. For the users around the globe, digital Lumi can interface with smartwatches, smartphones, personal computers, and can interoperate with the current payment systems. People will use the Lumi currency to finance sustainable African industrialization and ensure that African states use the resources to progress or advance Africans’ economic interests in the area and the Sixth Region.
The Lumi currency, which the African Kingdom’s Federation and the Eco-6 states endorse, will also help states realize their economic and sustainable development goals. Some economic development goals are reduced unemployment, financial stability, and improved living standards among Africans.
There are more than 10 SDGs (Sustainable Development Goals). The SDGs include no poverty, 0 Hunger, Good Health and Welfare or Well-being, Better Education, Gender Equality, Sanitation and clean water, Affordable and clean energy, Better working conditions, Innovation, Infrastructure and industry, and Reduced Inequality. Other SDGs are Sustainable cities and communities, Responsible production and consumption, Climate Action, Life on Land, Life Below Water, and Partnerships for the Goals.
The financial engineers have applauded the Lumi currency as a transformative monetary policy instrument. Central banks around the globe are seeking to copy the Bank of Accompong’s digital currency framework.
The unique attraction and strength of the Lumi currency is its classical approach to monetary instruments, requiring that all currencies meet the criteria of money as its conventional definition and function define it. These include cash or money being a medium of exchange that facilitates economic transactions, cash as a store of value, and money as a unit of account for the pricing of several items or goods and services.
The Inspiration Behind the Lumi Currency Initiative
According to Timothy McPherson, the Prime Minister of the African Kingdom’s Federation, the Lumi has its roots in climate change. Climate change is a crucial issue, particularly in the European and African regions. Moreover, there are severe challenges in climate change in the Caribbean and Latin America, especially Brazil. One of the reasons or inspirations as to why the Accompong Maroons in Jamaica rolled out the Lumi currency was to positively impact climate change. So, the question is, how does the Lumi contribute positively to climate change. In this case, we will look at two types of energy resources: non-renewable energy resources and renewable energy resources.
Non-renewable energy resources such as petroleum, nuclear, and natural gas are available in limited supplies. On the other hand, Earth replenishes or refills renewable resources naturally and over a short period. In short, renewable energy resources are abundant in supplies. The top 5 primary renewable energy resources are solar, wind, water, geothermal, and biomass. Non-replenishable energy releases methane, carbon dioxide, and other gases into the environment or atmosphere.
As people burn more non-renewable fuels or energy resources, they continue heating the Earth, which contributes to changing weather patterns or changing climate that in turn affect animal ecosystems, food production, and security, and essential biodiversity within habitats. Renewable energy sources produce low levels of GHG emissions, which do not significantly negatively impact the atmosphere; hence, people consider renewable energy resources to be better than non-renewable energy resources. So, by the Lumi currency pegging on solar energy, which is a renewable energy resource, we see that the new financial creation is revolving toward mitigating climate change effects.
Why is the Lumi Based on Solar Energy and Not Other Resources?
According to our previous sub-heading, we can conclude that it positively impacts the climate by the Lumi currency being based on solar energy. The issue of sustainability was also a critical factor in why the Lumi was based on solar power. Non-renewable energy resources such as petroleum, nuclear, and other non-sustainable resources are not ideal for driving an economy because they are not viable. In the case of solar energy from the sun, its supply is endless.
With the utilization of modern tech (liquid organic hydrogen containers), experts can capture the sun and transport energy from one place to another. The sustainability or viability of solar energy will help in achieving a significant economic driver in different regions.
The Lumi Rollout and Current Digital Currency’s Footprint in Africa and the Diaspora
The Diasporas are excited to engage the continent in this initiative and are trying to make two footprints. The 1st footprint that is crucial for the continent is support, and the 2nd footprint is the elimination of African debt. The two footprints give us other reasons why the Maroons in Jamaica rolled out the Lumi currency. Concerning the 1st footprint, we will look at the COVID-19 angle, which affected many businesses and caused many people to lose their jobs. The African Kingdom’s Federation has announced a $6 trillion value of the Lumi as a stimulus package. The stimulus package should help the continent, and its people recover in terms of businesses, healthcare, education, employment, and other major macroeconomic sectors.
The 1st distribution of the stimulus was in October 2020, and the 2nd issuance was the next month (November) the same year. The value of the stimulus is $100 every month, and in the context of the Lumi currency, that is 6.26 Lumi per month. The stimulus program will continue for the next three years until 2023 (paid every month). Logically, the stimulus will go for three years because the impact of the coronavirus disease will have a debilitating effect on the planet’s economy for 3 to 5 years.
The Lumi currency is promoting unity and trade amongst Africans. The stimulus package is encouraging more exchange between Africans or blacks. Most of the Africans that have already received their stimulus are encouraging others to keep them when they receive it until such a time when many Africans have gotten theirs and then engage in extreme trading or businesses with one another. Besides, Africans are advising others not to exchange the Lumi with foreign currencies. They are against people giving the African currency to the colonials.
According to statistics, the stimulus package signups are over 85000, and people in various regions such as Ghana are helping others register for the Lumi. If you wonder where to sign up, visit the eco-6 official website and apply for your stimulus.
On eliminating debt in Africa, the continent has found itself in a challenging position concerning the over $300 billion of debt it has accumulated over a long time. Most states borrow money from foreign countries for various purposes. Some of them include financing development projects such as roads, healthcare purposes, emergency purposes, and financing a deficit in the government’s budget.
Now, the African Union has invited the Diaspora to participate in the economic development of Africa actively. The Diaspora is willing to come to the motherland and reset the continent as it were by clearing off its debts because Africa can only begin a new era if the obligations exist no more. The Diaspora is willing to pay Zambia’s debt, which has been struggling to pay off its foreign debt. According to debt statistics in the African continent, Zambia has defaulted on one of its foreign debts.
In conclusion, I might say that the African continent can be out of trouble paying foreign debts and escape foreign currencies’ economic slavery. This is only possible if we do one crucial thing. What Africa needs to focus on to avoid getting in the same challenging position after the Diaspora resets is the proper management of our economies. Moreover, governments need to employ appropriate policies to govern and run the states in an honest and non-corrupt way.