Process
The implementation process will entail the following activities:
(a) Ensure transparency and flexibility
(b) Launch and maintain a publicity campaign ( for 10 months)
(c) Issue of Debt Vouchers
(c) Redemption of Debt Vouchers at the Central Banks of African countries
(d) Fund Accounting and Debt Payment transfer to Paris Club member nations
(a) Ensuring Transparency and Flexibility
The process and implementation of the program will be totally transparent and flexible. There should not be any cause for concern about any individual’s funds. All systems should be open to the participants. DENI intends to ensure that there is full disclosure of relevant information to all concerned authorities. Any African who wishes to withdraw from the program shall be guaranteed the right to a full refund in US dollars by returning the Debt Voucher to the custodial bank.
(b) Publicity Campaign
Once all the systems are in place, US-ABC in conjunction with African organizations abroad will launch and maintain a publicity campaign to reach and inform all Africans in the US, Canada, Europe, and elsewhere through appropriate channels. The objective is to maximize a broad based participation of African nationals living abroad. A minimum 10-month publicity period is reasonable to make people aware and to get them to prepare, perhaps liquidate some of their assets to participate in this program.
(c) Issuance of Debt-Vouchers
The issuance of Debt Vouchers will be limited to a 2-month period during which time those who have been pre-qualified will wire their money to the custodial bank and immediately receive their Debt Vouchers with all their particulars printed (not typed) on it for redemption at home. The Vouchers will be valid for 12 months from date to issue (just like traveler’s checks) and will be designed to be fraud-proof. The 12-month period will enable people to go home any time at their convenience to redeem their Debt Vouchers.
(d) Redemption of Debt-Vouchers at the Central Banks of African Countries
The Central Banks of African countries will receive an approved computer listing from the Trustee (prepared by US-ABC) of all pre-qualified bona fide nationals well in advance of their arrival to redeem their Debt-Vouchers. This double-check provided to the Central Bank is designed and intended to prevent fraud. There may be quarterly reporting from the Central Bank regarding redemption, if for no other reason than to monitor the success of this process. There may also be quarterly announcements in the media of the progress of this program in order to generate foreign investor confidence in the African economies.
(e) Fund Accounting and Debt Payment Transfers to the Paris Club Creditors
At the end of the 12-month period, the Central Bank, the Trustee and the custodial bank will reconcile the amount of Debt Vouchers redeemed and those still outstanding. The amount of redeemed vouchers will then be transferred to the Paris Club members as full or partial repayment of debt to be retired in accordance with the terms of the agreement. That concludes the cycle. If there is more debt available, the process will start all over again.