THE NEW SIXTH REGION EXCHANGE RATE MECHANISM (ERM) FOR GLOBAL CLIMATE ACTION, POVERTY ERADICATION AND SUSTAINABLE DEVELOPMENT

March 30, 2022
 
      In accordance with Regulation No.09202266603/R6/HK as authorized by the Economic Council during ordinary session on March 9, 2022, the new exchange rate mechanism will link currencies outside of Africa’s five continental regional economic communities to the official currency of the Sixth Region –The LUMI. The exchange rate mechanism will help to ensure that foreign currencies in the Sixth Region such as the EURO, US$, Pound and Yuan orientate their policies towards monetary stability in conjunction with the Sixth Region’s commitment to climate action, poverty eradication and sustainable development.
 
Participation in the exchange rate mechanism is regulated as mandatory. The operating procedures for the new exchange rate mechanism is set-out within Regulation No.09202266603/R6/HK and administered under the authority of the African Diaspora Central Bank (ADCB). The Sixth Region “means all the world outside of continental Africa” and foreign currencies are defined as “any currency other than LUMI that is used within a nation, territory or region that is located within the Sixth Region.” 
 
The new ERM establishes the market value of all foreign currencies against The LUMI (AKL) which is underwritten by 100 kWh of solar energy and pegged at 4 grains of gold (0.2592g). Each foreign currency will be rated against the current market spot price for gold. In line with the Regulation of the Economic Council, the exchange rate mechanism ensures the global implementation of the LUMI, and imposes policy cooperation with the African Diaspora Central Bank in its monetary convergence towards non-apologetic climate action, poverty eradication, and sustainable development.
 
Key highlights of the Regulation are:
  • Transactability and integration between the national currencies of continental Africa (members states of the 5 Regional Economic Communities of the African Union) and the LUMI as legal tender of Sixth Region; all African currencies will be freely converted to LUMI.
  • Prohibition of export of “foreign currencies” such as US$, EURO, and Yuan from the Sixth Region to continental Africa. The Regulation requires that all “foreign currencies” be converted to LUMI for purposes of trade with the other regions of Africa.
  • For all African currencies and foreign currencies, the bilateral/multilateral rate vis-à-vis the LUMI will be quoted using the LUMI as the “base” currency. This means that for all currencies the exchange rate will be expressed as the value of LUMI 1 using eight significant digits.
  • All monetary agents will have until October 1, 2022, to have adapted to the new exchange rate mechanism.

ECO-6 To Establish New SADC Regional Headquarters in Kingdom of Eswatini
                    

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ECO-6 Chairman Chief Timothy McPherson (centre left) holds LUMI currency with Eswatini Trade Minister Hon. Manqoba Khumalo (centre right)  

March 13, 2022
 
ECO-6 is pleased to announce that it will be establishing its regional headquarters for the Southern African Development Community (SADC) within the Kingdom of Eswatini. The headquarters will function as a governing body to facilitate trade and Diaspora Direct Investment (DDI) between SADC and the Sixth Region. 
 
Eswatini Commerce, Industry & Trade Minister, Hon. Manqoba Khumalo, described the decision as a “logical and welcoming initiative that will benefit both the people of Eswatini and the SADC region.” This sentiment was also echoed by Eswatini’s Minister of Finance, Hon. Neal Rijkenberg, who described the Diaspora as a very important participant within the African economy.   
 
ECO-6 Chairman Chief Timothy McPherson said, “the decision to establish our regional headquarters in the Kingdom of Eswatini is both practical and symbolic: it is practical because The Kingdom of Eswatini also participates in the Common Market for Eastern and Southern Africa (COMESA) as well as the Southern African Customs Union (SACU), thereby advancing our ability to effectively participate in these regional economic blockings: it is symbolic because the African Diaspora will forever honor our ancestors. When our ancestors were kidnapped from Africa during the Dark Age of European Colonial Lawlessness, at that time there were only Kingdoms on the continent; in this regard, the Kingdom of Eswatini is an enduring reminder of our ancient African legacy as a continent of Kings and Queens.”
 
Africa’s regional economic communities (RECs) are the building blocks for continental integration and trade with the outside world (the Sixth Region).   As Africa's newest regional block, the Sixth Region is promoting its regional currency, the LUMI, as Africa's Global Currency in an effort to lead a new era of African industrialisation and transformative Climate action.                 
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Eswatni Finance Minister Hon. Neal Rijkenberg holds LUMI with Chairman McPherson

Listen to Chairman McPherson's interview on Eswatini television here 

ECO-6 To Establish Central African Regional Headquarters in Congo  

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Pointe-Noire municipal officials lead by Mayor Jean Francois Kando (centre left) meet with ECO-6 delegation lead by Chairman Chief Timothy McPherson (centre right)

ECO-6 is pleased to announce that it will be establishing its regional headquarters for the Economic Community of Central African States (CEEAC) within the Republic of Congo. The headquarters will function as a governing body to facilitate trade and Diaspora Direct Investments (DDI) between CEEAC and the Sixth Region. 
 
Congo’s commercial city centre, Pointe-Noire, will become home to ECO-6’s new regional headquarters following agreements signed between the municipality’s Mayor Jean Francois Kando and ECO-6 Chairman H.R.H. Chief Timothy McPherson.
 
The President’s Chief-of-Staff, General Florent Ntsiba, described the engagement with Africa’s historical Diaspora as long-overdue as he welcomed the ECO-6 delegation.
 
ECO-6 Chairman Chief Timothy McPherson said, “the Congo on both sides of the river is the very heart of Africa. It is an important part of our ancestral lands and we are very happy to be here. From the city of Pointe-Noire we will be able to use the port to deliver goods from the Sixth Region as well drive continental inter-regional trade between Central, Southern and Western Africa. I am very pleased to be here.”
 
Mayor Kando said, “the LUMI is new money that offers a unique opportunity for African growth and development.” 
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(Signing ceremony left-to-right) ADCB Vice-President Dr. Linus Etube, ECO-6 Chairman Chief McPherson, Municipal Technical Advisor Jean Philippe Badinga-Mounzeo, Mayor Jean Francois Kando 

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ECO-6 Chairman Chief McPherson holds LUMI with

Congo Presidency Chief-of-Staff General Florent Ntsiba

ECO-6 Invests US$250 billion Worth of LUMI In Birland State, The "Bir Tawil Land" of Africa  

Former Governor for the Bank of Central African States (BEAC), Daniel Ngassiki, Appointed Special Advisor to the ADCB Board of Directors

 

 

September 10, 2021
The Chairman of the Economic Community of States, Territories & Realms of the African Diaspora Sixth Region (ECO-6) and President of the African Diaspora Central Bank (ADCB), Chief Timothy McPherson, is pleased to announce the appointment of Ambassador Daniel Ngassaki as Special Advisor to the ADCB Board of Directors. Ambassador Ngassiki is the former Governor of the Bank of Central African States (BEAC) and currently serves as Ambassador Plenipotentiary for the Republic of Congo to the Republic of Cameroon.
Ambassador Ngassiki, who is a senior statesman, master economist and financial engineer, brings extraordinary experience, knowledge, vision and compassion to the mandate of financial inclusion and economic liberation that ADCB champions throughout Africa and the global Sixth Region. ECO-6 and the ADCB family are honoured to have Ambassador Ngassiki as part of our team.
About the African Diaspora Central Bank (ADCB): Established under the ECO-6 Treaty, ADCB functions as a turnkey financial institution for driving Diaspora Direct Investments (DDI) to Africa and African investments towards the Diaspora. Using its new sovereign regional currency, African Kingdoms LUMI (AKL), often referred to as LUMI for short, ADCB will facilitate the creation of an integrated capital markets between the continent and the global Diaspora.
 
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ADCB President H.R.H. Chief Timothy McPherson & Special Advisor Daniel Ngassiki together holding-up the LUMI Currency

The Diaspora brings LUMI currency into 174 countries around  the world     

Ghana to Host ECO-6 Regional Headquarters for ECOWAS 

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Nana Osafo Adjei, Akwasi Awua Ababio, His Majesty Chief Semako I, Dr. Ibrahim Mohammed Awal, Nadia Adongo Musah 

Ghana's Minister for Business Development, Hon. Dr. Ibrahim Mohammed Awal, and the Director for Diaspora Affairs, Mr. Akwasi Awua Ababio, met with the chairman for the ECO-6 House of Chiefs, His Majesty Chief Semako I, to discuss strategic collaborations in the development of the CFTA Secretariat and the ECO-6 Headquarters.

 

Ghana was selected by the Assembly of Heads of State and Government of the African Union to host the Secretariat of the African Continental Free Trade Area (AfCFTA), and the Maroon Territories on the Island of Jamaica were designated by the African Union in 2018 as headquarters for the Diaspora Sixth-Region. The Maroon states are located on the Island of Jamaica and were established in 1739 by Peace Treaty with the British; it is the oldest African territory in the Western hemisphere.  

 

The proposition for cooperation has been put forth by the Yenwa of Badagry Kingdom, His Majesty Chief Semako I.  He said "The purpose of ECO-6 is to establish a formal framework whereby investments as well as a broad sphere of other economic and social engagements between Africa and the Diaspora can be facilitated. By building the physical headquarters for the Eco-6 and CFTA Secretariats in tandem, we are able to both symbolically and as a matter-of-fact launch a new era of cooperation between Africa and the Diaspora. This is what our ancestors have been fighting to achieve for generations, and now we finally have destiny in our hands."

The AfCFTA will cover a market of 1.2 billion people, with a combined gross domestic product (GDP) of $2.5 trillion, across the fifty-four (54) Member States of the African Union that have signed up to the Agreement.

 

Although the ECO-6 framework remains in its earliest phases of development, it covers the Africa Diaspora of almost 350 million people making it potentially the third largest "populace" of the world after China and India. The Diaspora currently contributes remittances in excess of $45 billion annually to the continent, however, the ECO-6 framework seeks to mobilize investments from historic Diaspora (descendants of Africans enslaved during colonialism) across the Caribbean, the Americas and Europe. The South-South trade market is valued at $4.3 trillion, while a successful cooperation between AfCFTA and ECO-6 has a project market value in excess of $8 trillion.      

   

 

       

 

 

 

ECO-6 Secretariat

Please direct all enquiries for ECO-6 and related institutions in writing at: 

E-mail: secretariat@adcb.eco-6.org