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.
ADCB President H.R.H. Chief Timothy McPherson & Special Advisor Daniel Ngassiki together holding-up the LUMI Currency
The Diaspora brings LUMI currency into 161 countries around the world
Ghana to Cooperate with the Maroon Territories on the Island of Jamaica with Headquarters for ECO-6 and the Continental African Free Trade Area
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.