The Ghanaian cedi has emerged as the world’s strongest currency in 2025, surging nearly 50 percent against the US dollar since January and reversing years of market volatility and investor skepticism. The turnaround has stunned analysts and rekindled confidence in an economy that only recently crawled out of its deepest debt crisis in decades.

From trading near 15 Cedis to the dollar at the start of the year, the cedi has steadily climbed, brushing against the symbolic C10/$ resistance level. On Monday, the currency opened at GHC 10.21, posting a 7 percent gain over Friday’s close. Bloomberg data confirms that the cedi now holds the title of best-performing currency globally in 2025.

This sharp appreciation is particularly striking when contrasted with 2022, when the cedi was the worst-performing currency in the world, losing over half its value amid runaway inflation and a sovereign debt default. That chaos forced Ghana into the arms of the International Monetary Fund and triggered a painful economic overhaul. Today, however, the narrative has flipped dramatically, with Ghana now being lauded for what appears to be one of the fastest currency stabilizations in recent history.

Several key forces are behind the Cedi’s meteoric rise.

First, a windfall from surging commodity exports has pumped hard currency into the economy. Ghana’s status as a leading global gold producer — now ranked sixth in the world — has paid off handsomely, especially as gold prices soared from around $2,000 an ounce in 2024 to more than $3,400 in May 2025. That price spike helped lift the country’s gold export earnings from $7.6 billion in 2023 to $11.6 billion the following year. Cocoa and oil exports also contributed to a record trade surplus of $4.3 billion in 2024.

A major shift in policy under the government’s Gold Board initiative further strengthened the local currency. Exporters were mandated to settle gold purchases in Cedis before shipping them abroad. That helped the Bank of Ghana triple its gold reserves from just 9 tons in late 2023 to 31 tons today, easing pressure on the foreign exchange market and boosting confidence in the Cedi’s long-term stability. Ghana’s gross international reserves now stand at $11.4 billion — their highest level in history.

Meanwhile, the Bank of Ghana has taken a decidedly hawkish stance to guard against inflation and defend the currency’s newfound strength. In March 2025, the central bank surprised markets with a 100-basis-point interest rate hike, pushing the benchmark policy rate to 28 percent. Governor Johnson Asiama has insisted that “stability doesn’t mean fixation,” stressing the need for a delicate balance between a strong cedi and the need to maintain export competitiveness.

The central bank has also made structural changes to how the foreign exchange market functions. By replacing speculative limit-order-based controls with spot-market forex auctions, the BoG has improved dollar availability and reduced currency hoarding among businesses. These steps have calmed volatility and added clarity to currency pricing mechanisms.

Lower inflation has helped create further breathing room for monetary authorities. Ghana’s inflation dropped to 21.2 percent in April, easing from a 2023 peak of over 40 percent. But that figure still sits well above the BoG’s official target band of 6 to 10 percent, prompting some economists to warn against premature policy loosening. Rising utility tariffs and residual inflation risks mean the central bank may have to hold its fire on rate cuts for now, despite mounting pressure from parts of the business community.

Backing all of these domestic measures is a lifeline from the International Monetary Fund. The country’s $3 billion bailout deal, part of a broader three-year reform package signed in 2023, has been instrumental in unlocking concessional financing, restoring investor trust, and enforcing fiscal discipline.

Under the program, Ghana took aggressive steps to reduce its debt burden, including suspending 65 billion Cedis in arrears payments and slashing short-term Treasury bill yields from 28 percent to around 15 percent. These austerity measures, though unpopular, helped narrow the deficit and keep financing costs manageable.

Political stability has also underpinned Ghana’s turnaround. President John Mahama’s sweeping economic reforms, many of them adopted under pressure from the IMF, have helped reassure international investors and rating agencies that Ghana’s recovery is on solid footing. The return of foreign capital has, in turn, supported the cedi’s rally.

But the cedi’s strength, while helpful for controlling import-driven inflation, could eventually erode export competitiveness, especially for sectors like agriculture and manufacturing that depend on a cheaper currency. Policymakers are also wary that speculators could take aim if the central bank lets its guard down.

For now, however, the mood has shifted from anxiety to optimism. Investors who once fled Ghana’s bonds are slowly returning, emboldened by the currency’s performance and the broader stabilization story.

Microsoft has announced a $400 million investment to bolster its cloud computing and artificial intelligence capabilities in Switzerland, marking a significant expansion of its 36-year presence in the country.

The announcement was made in Bern by Microsoft Vice Chair and President Brad Smith, who was joined by Swiss Federal Councilor Guy Parmelin and Catrin Hinkel, CEO of Microsoft Switzerland.

The tech giant’s latest commitment builds upon earlier initiatives, including the launch of local data centers in 2019 and the opening of its Innovation Hub in 2022. This new investment aims to reinforce Switzerland’s role as a leader in AI adoption, digital resilience, and innovation.

Microsoft will expand its existing data center infrastructure in the Zurich and Geneva regions to meet the country’s growing demand for cloud and AI services. These upgrades will serve over 50,000 customers, including key players in highly regulated sectors such as healthcare, finance, and government. The investment will also introduce the most advanced graphics processing units (GPUs) to support intensive AI workloads.

Microsoft said this is part of its broader strategy to enable data to stay within Swiss borders, a critical requirement for institutions that handle sensitive information. Catrin Hinkel, CEO of Microsoft Switzerland, emphasized the company’s enduring partnership with the country.

“Our commitment and investment in Switzerland spans 36 years, and today’s announcement is a testament to that enduring partnership,” she said. “We are steadfast in our mission to empower our customers and partners, as AI’s true potential is unlocked when innovation meets real-world implementation.”

Brad Smith echoed the sentiment. “Switzerland has created one of the world’s leading innovation ecosystems, blending world-class research with real-world applications,” he said. “This latest investment helps further strengthen Switzerland’s long-term economic resilience and competitiveness, while ensuring full compliance with Swiss regulations.”

Federal Councilor Guy Parmelin described Microsoft’s decision as a sign of confidence in the country’s political stability and technological prowess.

“Every investment represents trust in the future. This initiative is putting trust into Switzerland, in our people, and in our ability to push the boundaries of AI,” Parmelin said.

According to Microsoft’s internal data, Swiss engagement with AI technologies is rising sharply. Azure OpenAI usage in the country has increased significantly since mid-2023. GitHub data shows that Switzerland ranks second globally in AI-related code contributions, with the number of contributors nearly doubling since 2022. Over the past six months, the share of Microsoft users in Switzerland using AI tools rose by about three percentage points to 31 percent.

Among the organizations benefiting from this expansion is UBS, one of the world’s largest banks. UBS relies on Microsoft services that comply with Swiss data sovereignty requirements and scale to meet global business needs.

Mike Dargan, UBS’s Group Chief Operations and Technology Officer, noted the two companies’ decade-long collaboration.

“UBS’s partnership with Microsoft in Switzerland, and globally, is deep and long-standing. We are working together to support UBS’s ambition to be a technology leader in financial services and support its evolving business needs in areas like AI,” he said.

Healthcare institutions such as Luzerner Kantonsspital (LUKS), one of Switzerland’s largest hospitals, will also benefit from the upgraded infrastructure.

The investment is part of Microsoft’s broader European Digital Commitments, a continent-wide initiative focused on building a resilient cloud and AI ecosystem. These commitments include advancing open-source support, defending cybersecurity, protecting data privacy, and ensuring digital sovereignty — all principles that align closely with Switzerland’s regulatory framework and innovation heritage.

Microsoft is also targeting the country’s innovation ecosystem through partnerships and programs aimed at nurturing startups and small businesses. A new collaboration with the Switzerland Innovation Parks will help speed up the commercialization of AI research across sectors ranging from manufacturing to public administration. The aim is to bridge the gap between research and market-ready solutions, with a particular focus on empowering SMEs, which Microsoft describes as the backbone of the Swiss economy.

The company’s Swiss AI Tech Accelerator will continue with a new cohort in the fall of 2025, offering startups nationwide access to technical training, mentorship, and community support. Since 2019, Microsoft has provided more than CHF 30 million in technology resources to over 1,500 local startups, contributing to the creation of more than 11,000 jobs.

To sustain innovation, Microsoft is placing a strong emphasis on skills development. It plans to train one million people in Switzerland by 2027, targeting workers, students, educators, and nonprofit organizations. Training programs will be run in collaboration with partners such as FH Schweiz, Innovate Switzerland, local chambers of commerce, and industry associations. A special “AI Guide for SMEs” is being developed to support AI adoption in small businesses, while educational tools like AI-Fitness.ch and LerneKI.ch aim to promote broad-based AI literacy.

Microsoft is also extending training to apprentices and young professionals, including a transatlantic program in collaboration with Swiss firm Bühler and the State Secretariat for Education, Research, and Innovation.

The company is doubling down on its presence in “International Geneva,” where it works alongside the United Nations and other international bodies to promote responsible AI development and governance. Microsoft is supporting UN agencies such as UNHCR, IOM, and OHCHR in deploying AI tools to streamline refugee support, manage migration, and enhance human rights advocacy.

The company’s work with the International Federation of Red Cross and Red Crescent Societies (IFRC) is helping modernize digital platforms for humanitarian response. Meanwhile, its partnership with the CyberPeace Institute is providing cybersecurity support to NGOs. Microsoft also collaborates with the International Telecommunication Union (ITU) on global AI initiatives, including the AI for Good Summit and the Partner to Connect project.

Environmental sustainability remains another cornerstone of Microsoft’s Swiss operations. The company has pledged to become carbon-negative, water-positive, and zero waste by 2030. It currently powers all its operations in Switzerland with renewable energy and continues to procure green power across Europe to meet its 100 percent direct renewable energy target. In 2024, Microsoft signed a six-year agreement with Swiss firm Neustark for the removal and storage of 27,600 tons of biogenic carbon, with deliveries from projects in Switzerland and Germany.

The Swiss expansion follows similar moves by Microsoft in other parts of Europe, as the company ramps up multi-billion-dollar investments to build secure, scalable, and sustainable AI infrastructure across the continent. With Switzerland now more deeply embedded in that strategy, Microsoft is positioning the country as a key node in the global AI ecosystem.

Aliko Dangote, president of the Dangote Group, says Nigerians are paying nearly half of what their West African neighbors spend on petrol, thanks to local refining at his multi-billion-dollar refinery.

Speaking during a visit to the refinery by Omar Touray, president of the Economic Community of West African States (ECOWAS) Commission, Dangote said: “In neighboring countries, the average price of petrol is around $1 per liter, which is about N1,600. But here at our refinery, we’re selling at between N815 and N820.”

“Many Nigerians don’t realize that they are currently paying just 55% of what others in the region are paying for petrol,” he said, insisting that the price gap is a direct benefit of domestic refining, which cuts transport, importation, and demurrage costs.

But while the announcement has been welcomed, it has also reignited the conversation around the enduring pain caused by the removal of fuel subsidy, as current pump prices remain far above pre-subsidy levels.

The remarks come months after the Dangote Refinery began rolling out diesel and aviation fuel and distributing petrol. The facility was long-touted as Nigeria’s solution to crushing import costs and a key buffer in the aftermath of President Bola Tinubu’s decision to end the petrol subsidy in May 2023, which sent fuel prices soaring from under N200 per liter to over N600 — and later above N1,000 in some parts of the country.

Since then, Nigerians have looked to the Dangote Refinery to help ease the burden. While the company has made a series of downward adjustments to diesel and now petrol, many say the reductions still fall short of expectations.

When compared to prices in neighboring countries, Dangote’s N815–N820 pricing is in a relatively better position. But within Nigeria, this level still represents a more than 300% increase from what Nigerians were paying before the subsidy was scrapped.

Though Dangote did not mention a timeline for further price cuts, he hinted at “a much larger initiative in the pipeline” that he says will deliver “maximum benefit” to Nigerians.

“This refinery is built for them,” he said.

But with household incomes stretched and inflation pushing basic necessities out of reach, any relief offered by local refining is yet to bridge the gaping hole left by the end of government-backed fuel discounts.

“We Must Stop Importing What We Can Produce”

Dangote argued that the refinery is more than just a business venture. He framed it as a symbol of economic self-reliance, saying: “As long as we continue importing what we can produce, we will remain underdeveloped.”

He also addressed widespread doubts over the refinery’s capacity.

“Some people have said we don’t even produce enough to meet Nigeria’s needs. But now, they are here to see the reality for themselves — and more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he said.

Citing the diesel market, he noted that prices fell sharply from N1,700 to N1,100 when local production started, and have since declined further.

“This reduction has made a significant impact across various sectors,” he said, including agriculture, manufacturing and mining.

ECOWAS: Dangote Refinery Key to Regional Standards

Touray, who led the ECOWAS delegation, praised the refinery’s ability to meet the 50 parts per million (ppm) sulfur standard — something he said many imported fuels still fail to meet.

“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements,” Touray said. He called on the private sector to take the lead in West Africa’s industrialization, saying the region can no longer make decisions for businesses “from a distance.”

He also pledged ECOWAS’ full support for companies like Dangote to access broader markets across the region and urged African countries to emulate Nigeria by developing infrastructure that serves regional economies.

“As we mark 50 years of ECOWAS, we are more committed than ever to bringing the private sector to the table,” Touray said, pointing to industrial development as key to reducing youth unemployment, poverty, and insecurity.

While Dangote’s refinery has finally begun supplying petrol — after several delays — and has introduced measurable cost relief relative to regional markets, the relief is tied to international oil prices. This means that the refinery could increase the price if the oil price, currently trading around $60 per barrel, goes up.

A long-anticipated call between President Donald Trump and Chinese President Xi Jinping could happen this week, as both countries face deepening hostilities over trade, technology, and diplomatic posturing.

A senior White House official told CNBC on Monday that the two leaders could speak “very soon,” although not immediately. The conversation, which follows the fragile agreement reached in Geneva in mid-May, comes as both countries ramp up accusations of betrayal and backtracking on the terms of their three-month tariff truce.

The mood between the two sides has soured rapidly. China on Monday forcefully rejected U.S. claims that it had violated the trade agreement. “China firmly rejects these unreasonable accusations,” the country’s Commerce Ministry said in a statement. It listed export controls on artificial intelligence chips, curbs on the sale of chip design software, and even the revocation of student visas for Chinese nationals as evidence of Washington’s antagonism.

“We urge the U.S. to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks,” the ministry added.

Trade Deal on the Brink

In April, Trump stunned markets when he raised tariffs on Chinese goods to 145%, a sweeping move that effectively erased months of negotiation. Though both sides agreed weeks later to roll back most of those tariffs temporarily, the detente has not held.

Instead, accusations of sabotage are flying. Washington says Beijing is deliberately delaying exports of rare earth minerals and critical tech components. China, in turn, accuses the U.S. of engaging in economic containment, including its warning to allies against using Chinese-made chips and tightening export restrictions on advanced semiconductors.

Trump, visibly frustrated, wrote on Truth Social last Friday, “CHINA, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US… So much for being Mr. NICE GUY!”

High Stakes, Low Expectations

Despite the anticipation surrounding a possible Trump-Xi call, many observers doubt it will produce meaningful results. The tone from Beijing suggests hardening positions, not conciliation.

China’s posture has been one of defiance, underscored by a belief that it will not be bullied into making concessions. Even top global financiers agree. Speaking at a recent event, JPMorgan Chase CEO Jamie Dimon said the assumption that Beijing will bow to Washington is mistaken.

“China is a potential adversary. They’re doing a lot of things well. They have a lot of problems,” Dimon said. “But they’re not scared, folks. This notion that they’re going to come bow to America—I wouldn’t count on that.”

This sentiment reflects a growing consensus that Beijing is unlikely to compromise, even if Xi agrees to a direct conversation with Trump. The call, while diplomatically important, may be more symbolic than strategic.

The Impact of the Economic Fallout on Markets

The uncertainty is weighing heavily on markets. U.S. stocks opened lower Monday, rattled by fears that a new phase of economic confrontation may be on the horizon. Analysts warn that without a clear path forward, the current truce could unravel completely, unleashing another wave of trade shocks.

Before tensions escalated, trade between the U.S. and China exceeded $600 billion annually, making the partnership one of the most economically significant in the world. But with both governments now clamping down on each other’s technology sectors and intensifying national security restrictions, the relationship is rapidly deteriorating.

Xi-Trump Call May Be Final Attempt

The coming call, if it happens, could serve as a last attempt to revive the Geneva consensus. But even within Trump’s own team, there’s acknowledgment that only direct intervention from the two leaders might save the process.

Treasury Secretary Scott Bessent said last week that talks have stalled, and that progress will “require both leaders to weigh in with each other.” But even that seems a long shot.

However, it’s becoming increasingly clear that the Trump-Xi call may carry more symbolism than substance—a reflection of the widening gulf between two nations whose rivalry is no longer confined to trade, but to the future balance of global power.