DAKAR, Senegal, 13th November, 2017,-/African Media Agency (AMA)/- The new currency on the block is unexpectedly from a tiny village in Western Jamaica, Accompong. Announcing the introduction of the Lumi, Accompong’s Finance Minister Timothy McPherson is leading from the front and opening new pathways in Africa for a currency that is pegged against Africa’s biggest resource which is renewable energy.
Explaining the innovative currency, he said that “We recognised that given the reality for climate change, the opportunity for Africa and its future economic development as well as the Caribbean and Latin America resides within embracing the reality for climate change and taking a leadership role and that should be based on renewable energy.”
The most important factor determining the price of currency is either market forces of demand and supply or pegging it against other currencies performances. In this case, the Lumi draws on the future demand and supply for renewable energy, and in this case, solar energy.
Climatically, the sun shines brightest in Africa and as McPherson elucidates: “The financial engineering behind the Lumi recognises the way in which our ancestors, in colonial times and pre-colonial times, always took a leadership role in creating their own mechanisms for monetary exchange whether bartering, cowrie shells, copper plates or gold.”
A conventional banker by day and experience, McPherson is an innovator and a financial visionary. This new currency is set to make waves especially in Africa with the renewed focus on a Pan-African vision that draws on Africa’s pre-colonial past.
McPherson’s focus is on striving for the achievement of the sustainable development goals critical for Africa’s future. Drawing on his experience in Accompong, he is set to introduce the concept of the Lumi to the rest of Africa.
The success of this new currency could become a model especially for developing and underdeveloped countries. It does signal that the centre for financial innovation can derive from a small village called Accompong.
Distributed by African Media Agency (AMA) on behalf H.E. Timothy McPherson.
His Excellency Timothy E. McPherson is currently the Minister of Finance for the Accompong Maroons (Leeward Maroons) on the Island of Jamaica. The Maroon-state of Accompong was established in 1739 by a Peace Treaty between the Maroons and the British. In 1739 Accompong became the first territory in the Caribbean to win its sovereignty from colonial European powers, while it required another 200 years before Ghana became the first African country to achieve independence, making Accompong the oldest sovereignty of African descent in the world.
Since assuming his role as Minister of Finance, Mr. McPherson has made several strides in restructuring and reforming the economy, and he has become particularly notable for the introduction of the Lumi, Accompong’s new currency which is commodity underwritten with renewable energy.
McPherson is a financial innovator and an economic visionaire who brings more than 20 years of global experience to the table as a leading financial engineer, investment banking change management advisor, and financial communications expert. He has facilitated the global expansion of leading European banks and financial institutions, including: Hauck & Aufhäuser Bank (Frankfurt), Berenberg Bank (Hamburg), Hypovereinsbank (Munich), UniCredit Bank (Milan), Savings Bank of Russia -SBER Bank (Moscow), the Verazdin Börse (Croatia), the German Savings Bank Society, and the Vancouver Stock Exchange.
His background as a leading financial engineer, investment banking change management advisor, and financial communications expert makes Finance Minister McPherson a dynamic macro-level player who has returned to his grassroots to put Accompong on the map.
For more information:
Website: https://www.timothymcpherson.com
Twitter:
https://twitter.com/HonTMcpherson
https://twitter.com/lumicurrency
Instagram: https://www.instagram.com/hontmcpherson
LinkedIn: https://www.linkedin.com/in/timothy-mcpherson-jr
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Source: African Media Agency
