The guest of honour and keynote speaker was Accompong’s Minister of Finance and Founding Governor of the Central Solar Reserve Bank of Accompong, Hon. Timothy Elisha McPherson Jr.
The Finance Minister started his speech by provocatively invoking the two institutions of Bretton Woods. He said, “the World Bank and IMF are both antiquated institutions of the 20th Century which, on the one hand, are guilty of having entangled African and Caribbean countries in a web of debt and enforcing dysfunctional economic policies on our leaders. Nevertheless, on the other hand, there is a lesson we can take from the founders of these institutions, that lesson being namely the impetus to act in a time of crisis.
For better or worse, the Bretton Woods institutions were 100% successful in achieving their founding mandate which was to facilitate the development of European economies after the devastation of World War II. Whether collectively or unilaterally, African Peoples and nations must take charge of their own destiny. We must find the impetus to act in our own self-interest. New institutions must be erected, new alliances must be formed, and eventually a new paradigm of thought that is beyond the colonial/neo-colonial archetype has to be embraced. The impetus to act in a time of crisis must captivate, enamour and possess the minds of all African leaders henceforth. World War II was a 4 year affair. For Africa, there has been a 500 year long economic crisis and its about time we act.”
Dr. Lartey applauded the Minister for having the courage and the foresight to create the Central Solar Reserve Bank of Accompong. “Most of you have never heard of Accompong, I visited there and it’s absolutely beautiful. How come such a small country can create such a big institution, but in Ghana we have no solutions for our electrical power shortage? We need to work closely with the Diaspora to bring Ghana forward and to bring Africa forward! The sun is the one commodity that we all have in common, and its energy has unlimited abundance. So let’s use the sun, let’s monetarize it like Accompong. And let’s make Ghana Africa’s first solar economy.”
Accompong’s newly created central bank seeks to unilaterally usher in a new era of financial modeling that reflects Accompong’s immediate domestic challenges, as well as global issues such as poverty and climate change which are the biggest themes of the 21st Century. The bank is expected to introduce a new energy-backed currency called the LUMI at the end of 2016. The non-fiat LUMI is denominated with its parity to kilowatt-hours.
As Ghana leads the development of a common currency in the ECOWAS region, one would be wise to pay close attention to the development of the LUMI. The Central Solar Reserve Bank of Accompong is developing a currency that is backed by a valuable commodity other than gold, and a currency that is potentially more universally recognized and understood than Bitcoin. Energy is the most consumed and measured commodity within the global market place today. Furthermore, the predictive future demand for electricity in general and carbon-free electricity in particular is more valuable than gold, silver, and oil.
What country other than Ghana can better attest to the strong causal correlation between energy consumption or the lacking thereof and economic growth?
There just might be more merit to this domestication and renewable energy discussion than anyone ever imagined. Going into the 2016 elections, Ghanaians need to pay closer attention to a candidate like Dr. Henry Lartey whose 2016 platform seeks to establish a domesticated solar economy in Ghana.
Article by Dr. Kwame Kinte