CASE STUDY # 3: A significant African Union Nation, wishes to clarify and confirm what the benefits and obligations would be on becoming a Country Member, and the procedures to be followed to apply for membership as an Original Country Member.

This Case Study examines the “In-Principle” issues as requested and the process flow pre-and-post the Application for Membership.

GGMF “In-Principle” Issues:

The primary “In-Principle” issues for evaluating Country Membership are:

1. What are the Country Member benefits?
2. What are the obligations that the Country Member will assume? And,
3. What is the Process Flow for the Application for Membership?

1. The Country Member benefits

The benefits of a Country Member are set down in a FAQ Article entitled “Country Member Benefits – Detailed”.

2. The Country Member Obligations

The obligations of a Country Member are set down in a FAQ Article entitled “Country Member Obligations”.

3. The Process Flow is recorded as follows:

There are four (4) phases which a Country Member should follow:

• The Initial Evaluation and Planning Phase
• The Application for Membership Phase
• The Implementation Phase
• The Post-Implementation Phase

These are expanded upon as follows:

1. The Initial Evaluation and Planning Phase:

Once a prospective Country Member indicates that they wish to become a member, the following will take place.

• The Country Member will issue a formal invitation to GGMF to arrange a visit. Details of the Protocol for arranging such visit are recorded here.
• During the State Visit, GGMF and the prospective Country Member will hold discussions on the following topics:
  • The length/duration of the Transition Period.
  • Changes to legislation to make the GGMF Gold Units Legal Tender.
  • Country Members benefits
  • Country Member obligations.

2. The Application for Membership Phase:

Prior to proceeding to the Implementation Phase, the Country Member shall submit a formal application for Country Membership, which shall be evaluated and confirmed by GGMF.

3. The Implementation Phase:

Once GGMF has confirmed acceptance of the Country Member’s application for membership, the Implementation Phase will immediately commence following legislative approval of the Gold Units as Legal Tender.

The key aspects to be dealt with under the Implementation Phase are:

• The appointment of the GGMF Ambassador, Deputy Ambassador and staff to the GGMF offices within the Country Member’s territory.
• The Treasury Minister or his designated official will liaise with the Ambassador and his staff on any GGMF issue.
• The fulfilment of all the Country Member’s obligations.
• The implementation of an effective governance program. 
• The Debt Forgiveness Program.
• The conversion of all FIAT Currency into Gold Units.
• The transition of all existing banking platforms to the GGMF banking as a service platform.
• The reduction of all taxation as required under Article XXI, Section 21.01 (l).
• The establishment of all the necessary structures and procedures for the use of the GGMF Special Purpose Funds.

4. The Post-Implementation Phase:

The focus Post-Implementation will be on reporting and governance. GGMF, in conjunction with the Treasury Task force will agree on:

• A daily, weekly, monthly, quarterly and annual reporting program with the Country Member’s Treasury Department, which is harmonized across all Country Members; 
• Actions to be taken by the Country Member and GGMF when governance issues arise; and,
• Monitoring of any other issues.