Commentary
Ethiopia’s Bold Leap Toward Monetary Sovereignty: A Wake-Up Call for Africa’s Economic Independence
In a continent where echoes of colonial rule still reverberate through economic structures, Ethiopia’s recent announcement to print its own currency domestically stands as a potent symbol of reclaiming control.
Prime Minister Abiy Ahmed unveiled the plan at the Finance Forward Ethiopia 2026 conference, framing it as a critical step toward economic sovereignty. For decades, Ethiopiaโlike the vast majority of African nationsโhas outsourced the printing of its birr to foreign firms, often in Europe, incurring millions in costs and exposing itself to logistical vulnerabilities, foreign exchange strains, and security risks. This shift, managed by the state-owned Ethiopian Investment Holdings (EIH), promises not only to stem the outflow of capital but also to foster national pride and self-reliance in a process that has long been dominated by former colonial powers.

The backdrop to this decision is stark: Out of Africa’s 54 countries, only a handfulโestimates range from 9 to around 12โcurrently print their own currencies at home. Nations like Nigeria, South Africa, Egypt, Morocco, Kenya, Algeria, Tunisia, and Libya are among the few that have developed the capacity to do so, often through significant investments in technology and infrastructure. For the rest, including Ghana, the reliance on printers in the UK, France, Germany, and Austria perpetuates a neocolonial dependency. These European firms, such as De La Rue in the UK or Giesecke+Devrient in Germany, handle orders for over 40 African countries, charging hefty fees while controlling timelines and quality. In Ghana’s case, the Bank of Ghana has openly acknowledged that the cedi is printed abroad due to the specialized nature of the process, with only about 20 global printers capable of meeting international standards. This outsourcing drains local economies before the money even circulates, as Ethiopia’s leaders have aptly pointed out.
EIH, established in 2021 to oversee more than 40 state-owned enterprises across energy, telecoms, transport, and manufacturing, is at the helm of this transformation. With assets valued at 8.2 trillion birr (approximately $140 billion) and nearly $49 billion in foreign exchange reserves, EIH is poised to invest in a state-of-the-art mint in Addis Ababa. Prime Minister Abiy has projected that EIH’s contributions could reach 20% of Ethiopia’s GDP by 2030, underscoring the entity’s role in driving profitability, accountability, and strategic capabilities. Beyond currency, EIH is spearheading related initiatives, such as building Ethiopia’s first gold refinery to process raw gold domestically and partnering with crypto-mining firms for long-term revenue streams. These moves align with broader economic reforms aimed at reducing external dependencies and preserving national wealth.
Yet, as with any bold policy, the path is fraught with risks. Printing money is not merely a technical endeavor; it demands political discipline and economic prudence. Overprinting could fuel inflation, erode public trust, and destabilize the birr, especially amid Ethiopia’s ongoing challenges with macroeconomic reforms and external pressures. The process itself requires advanced technology, skilled labor, and rigorous security measuresโelements that have deterred many nations from attempting it. Globally, only about a quarter of countries handle their own printing, highlighting the high barriers to entry. In Ethiopia, economists stress the need for transparent oversight to prevent misuse, particularly in volatile sectors like crypto-mining, where governance lapses could undermine confidence.
This initiative also intersects with Ethiopia’s digital ambitions, though not without hurdles. A separate but related development involves the country’s push for digital tax reforms, including mandatory QR code receipts, which has encountered bureaucratic bottlenecks at printing enterprises like Birhan ena Selam. Delays, power outages, and centralized processes have stranded businesses, eroding trust in these innovations and illustrating the broader challenges of building domestic capacity. If unaddressed, such issues could spill over into the currency printing project, emphasizing the importance of infrastructure resilience.
Looking beyond Ethiopia, this move could catalyze a regional renaissance. With more than 40 African countries still outsourcing, Addis Ababa has the potential to emerge as a hub for East Africa and beyondโexporting printing services, generating revenue, and fostering intra-continental trust. Imagine Ethiopia becoming the “printer of the Horn,” minting currencies for neighbors like Somalia or Eritrea, thereby flipping dependency into opportunity. For Ghana, this serves as a poignant reminder: As a nation that also prints its cedi overseas, Accra could draw inspiration to invest in similar capabilities, perhaps through partnerships under the African Continental Free Trade Area (AfCFTA). Political voices in Ghana, including presidential hopefuls, have already pledged to localize printing, recognizing its role in true economic emancipation.
Ultimately, Ethiopia’s gamble hinges on more than machinesโit’s about safeguarding value through exports, productivity, and fiscal discipline. If successful, it could dismantle lingering colonial legacies, where currencies are born in the metropoles that once ruled the colonies. For a global audience watching Africa’s rise, this is not just about money; it’s about rewriting the narrative of self-determination. As discussions unfold, from Addis to Accra, the real currency at stake is trustโin governments, economies, and the promise of a sovereign future.
For further reading on Ethiopia’s digital reforms and their challenges, see A Digital Fix Becomes a Bureaucratic Trap. Details on the currency shift are available in Ethiopia Moves to Print Its Own Currency.
Commentary
Reflections on Ghana And the Future it Deserves | By Simone Giger, Swiss Ambassador to Ghana
As her diplomatic tenure in West Africa draws to a close, Swiss Ambassador Simone Giger pens a reflective and heartfelt tribute to Ghanaโs enduring national character. Having traveled extensively across the countryโfrom Paga to Keta and Wa to Goasoโshe offers an intimate, human-centered assessment of a nation defined by its resilient democratic culture, youthful ambition, and an infectious “vibe” that fosters cohesion. In this candid farewell, Ambassador Giger explores the complex challenges threatening Ghanaโs ecological treasures and argues that sustained institutional reform, rather than outside invention, is the key to unlocking the prosperous future the country so clearly deserves.
Travelling through northern Ghana, this author once stopped in a small community after a long journey. Despite the dayโs heat and the demands of daily life, residents welcomed visitors with warm smiles, easy laughter and an eagerness to share stories about their hopes for the future.
It was a simple encounter, yet it captured something profoundly Ghanaian: an enduring optimism that persists even in difficult circumstances.
In diplomacy, countries are often assessed through official meetings, economic indicators and policy documents. Yet to truly understand a nation, one must travel through it, listen to its people, appreciate its strengths, observe its contradictions and understand the aspirations that shape everyday life.
As the end of a diplomatic assignment in Ghana approaches, this author finds reason to reflect deeply on a country that has left a lasting impression, not only professionally but personally.
Over the past four years, extensive travels across Ghanaโfrom Paga to Keta, Damongo to Donkokrom, and Wa to Goasoโhave revealed a country of extraordinary diversity, complexity, creativity and resilience.
Every journey has unveiled a different dimension of Ghana. Yet one common thread consistently emerges: a nation brimming with potential.
There is something profoundly remarkable about Ghana and its national character, what many Ghanaians simply describe as the countryโs โvibeโ.
It is evident in the warmth extended to strangers, the humour with which difficulties are confronted and the optimism that endures even during periods of uncertainty.
Even in challenging moments, there is often a joke, a proverb or a story that helps place events in perspective.
In this authorโs view, that national character has become one of the essential ingredients behind Ghanaโs democratic success.
At a time when democratic systems around the world are facing increasing pressure, polarisation and distrust, Ghana continues to distinguish itself through its commitment to dialogue, constitutional order and peaceful coexistence.
Democracy here is not perfect. No democracy truly is, including Switzerlandโs.
What matters is that it remains alive, active and deeply valued by citizens.
Over the years, Ghana has established itself as an important democratic reference point in West Africa.
The country has repeatedly demonstrated that political competition can coexist with stability, that transfers of power can occur peacefully and that national debates can take place within institutional frameworks rather than outside them.
Such achievements should never be taken for granted.
Democracy is not sustained by elections alone.
It requires strong institutions, active citizens, credible public discourse and a continuous willingness to negotiate consensus across political, ethnic, religious and generational lines.
One can observe that Ghanaโs diversity presents both opportunities and challenges. Yet this author has often admired the manner in which the country continues to navigate these varied interests while preserving national cohesion.
In many respects, this is where Ghanaโs democratic future becomes particularly important.
The country possesses extraordinary human capital.
Wherever this author travelled, young people displayed ambition, intelligence, creativity and determination.
Ghanaโs greatest resource is not found beneath the ground.
It resides in its people, their ideas and their aspirations.
Ideas and aspirations, however, require systems that function effectively if they are to translate into meaningful and productive outcomes.
When institutions are transparent, responsive, accountable and trusted, they unlock innovation, investment and opportunity.
When they are weak or inconsistent, they risk frustrating the very energy capable of propelling a nation forward.
This is why governance reforms remain so important to Ghanaโs long-term trajectory.
One development that particularly impressed this author during the diplomatic assignment has been Ghanaโs constitutional review process.
What stands out is not only the process itself, but also the spirit behind it โ a willingness to reflect critically on how democratic governance can evolve to meet contemporary realities and future expectations.
This demonstrates political maturity.
Constitutions should never be viewed as static documents frozen in time.
Strong democracies periodically examine whether their systems remain responsive, inclusive and effective.
Ghanaโs consultative approach reflects a country seeking not merely to preserve democracy, but to improve it.
Switzerland is proud to support these home-grown efforts and remains committed to supporting the constitutional reform process until its hoped-for successful conclusion.
History demonstrates that democratic stability does not emerge automatically.
It requires deliberate investment in participation, inclusion and dialogue.
Swiss democracy itself evolved gradually through compromise, negotiation and the understanding that national cohesion is strengthened when citizens feel ownership over public decisions.
One can observe important similarities between Ghana and Switzerland.
Both countries are diverse societies that have chosen coexistence over division.
Both understand that stability is strongest when different voices are heard and accommodated.
Both appreciate the importance of consensus-building in national life.
This shared philosophy has shaped bilateral cooperation over many decades.
Today, the partnership continues to evolve in both breadth and depth.
Switzerland currently supports initiatives focused on democratic governance, parliamentary cooperation, decentralisation, peace and security, cultural exchange, environmental integrity, climate adaptation and economic development.
Switzerland and Ghana may differ in geography, history and scale, yet both countries share a belief in dialogue and cooperation as foundations for national progress.
Despite Ghanaโs bright prospects, one cannot ignore the challenges confronting the country.
No nation can fully realise its potential without confronting difficult issues directly.
During the years spent in Ghana, citizens from various walks of life spoke openly about concerns surrounding institutional effectiveness, economic opportunity, environmental degradation and governance accountability.
Such conversations reflected not pessimism, but a desire to see the country fulfil its promise.
Particularly concerning is the destruction caused by illegal mining activities.
Ghanaโs rivers, forests and landscapes are among its greatest treasures.
Environmental degradation is not merely an ecological issue.
It is fundamentally a matter of intergenerational responsibility.
Future prosperity depends on preserving the natural foundation upon which communities, livelihoods and national identity are built.
Yet despite these challenges, this author remains deeply optimistic about Ghanaโs future.
That optimism stems not from idealism but from observation.
The future of democracy globally will not be shaped only by geopolitical actors or large states.
Medium-sized countries such as Switzerland and Ghana also have important roles to play.
They can demonstrate that democratic resilience, peaceful coexistence and institutional reform remain both possible and necessary.
As this diplomatic assignment draws to a close, there is profound gratitude for the opportunity to have lived and worked in Ghana.
Over the years, this author has come to admire the country not only for its democratic achievements, but also for its humanity โ its warmth, creativity, humour and enduring sense of possibility.
The task ahead is not to invent Ghanaโs future.
Rather, it is to create the institutional conditions necessary for that future to emerge fully.
From all that has been observed across the country, there is every reason to believe that Ghana can achieve precisely that.
The author, Simone Giger, is the Swiss Ambassador to Ghana, Togo and Benin
Commentary
Authentic Voices, Foreign Narratives and the Fortune Madondo Case | By Joseph McCarthy
This article by Joseph McCarthy, an analyst and researcher focusing on governance, security, and political transitions in the Sahel, argues that modern influence in Africa often spreads not through propaganda but through credible African voices that carry narratives aligned with the interests of external powers. Read the full article below.
Authentic Voices, Foreign Narratives and the Fortune Madondo Case
How Russian narratives are travelling through authentic African voices, and what the Fortune Madondo case reveals about it
By Joseph McCarthy
For years, the word disinformation conjured a familiar picture: troll farms, fake accounts and automated bots flooding the internet with crude propaganda. Those methods still exist, but influence operations have matured. The most effective messenger today is rarely an anonymous account. It is a real person, with a real name, a credible public profile and convictions he appears to hold sincerely.
The case of Fortune Madondo illustrates the shift. He is no online provocateur hiding behind a pseudonym; he is a Zimbabwean teacher and the founder of a youth organisation, with a documented life in his community. He writes under his own name, identified in his byline only as an “African Teacher,” with no institution given, and his views seem consistent with his stated beliefs. What matters is less who he is than what he carries. Across more than fifty articles in twelve months, most of them on Pan-African platforms, the line never wavers: praise for the military juntas of the Sahel, attacks on Western governments and on AFRICOM, condemnation of France’s role in Africa, and the celebration of resource sovereignty against foreign plunder. Whether by design or by conviction, these themes closely align with the narratives Moscow has sought to amplify across the continent.
That alignment, not the man, is the point. Influence no longer requires recruitment, payment or instruction. A foreign power’s objectives can be served just as well by people who believe every word they write, because the force of the message lies in its local authenticity. A reader will trust an African voice discussing African problems far sooner than a communiquรฉ from Moscow. So the useful question is not whether Fortune Madondo is a Russian agent; there is no public evidence that he is. The question is who benefits when local voices, sincere or not, repeatedly reinforce narratives that happen to serve a foreign strategy.
Consider how this interacts with Pan-Africanism. Russia has spent years presenting itself as a champion of African sovereignty and an enemy of colonialism, language that resonates because it draws on real historical wounds. Madondo’s writing sits comfortably within that tradition, and many African intellectuals share his instincts. Yet the scrutiny runs in only one direction. The West is relentlessly interrogated; Moscow, despite its expanding military, mining, and political footprint, is almost never asked the same questions. If Pan-Africanism is the defence of African sovereignty against all external control, the principle must apply evenly. When French deployments are called neo-colonial, Russian military contractors deserve the same examination; when Western extraction is condemned, so should Russian mining concessions. When he co-signed an appeal in late 2024 demanding both that Russian troops leave Ukraine and that French troops leave Africa, the false symmetry itself did Moscow’s work. A Pan-Africanism that suspects only one power risks sliding from a doctrine of independence into an instrument of another’s ambition.
The Madondo question also points to a place: Ghana. Over the past two years, the country has drawn growing attention from foreign actors keen to enter its media space, and the reason is structural. Ghana is one of Africa’s most respected democracies and a heavyweight in anglophone media; what is published in Accra travels across West Africa and beyond. In December 2025, Ghanaian journalists attended a SputnikPro seminar co-organised by the Russian Embassy and the Ghana-Russia Centre, led by Vasily Pushkov of Rossiya Segodnya, the state group behind the Sputnik news agency. Other moves followed, among them a cooperation agreement with Ghana’s main journalism university and the opening of a Russian cultural centre. None of this is illegal. But influence secured in Ghana enjoys a multiplier effect that few other markets offer.
The mechanism is quieter than propaganda and more durable. People do not trust propaganda; they trust outlets they already consider credible. A publication earns that trust through genuine local reporting, and the reader then assumes that everything on the page has cleared the same editorial bar. That is where credibility is transferred: from the newsroom’s real work to syndicated columns, opinion pieces and, on some platforms, verbatim Russian state material set at the same level as a story on local agriculture. Repetition completes the effect. Ten near-identical articles across ten outlets read as an independent consensus; the reader concludes that everyone is saying this, when in truth, the same viewpoint is simply circling back. Influence here comes not from proving a claim, but from normalising it.
The significance of the Madondo case, then, is not the unmasking of an operative; the evidence does not support that, and the chase would miss the point. It is the growing difficulty of telling sincere conviction apart from narratives engineered to serve someone else’s strategy, in an environment where influence travels through authentic voices, trusted platforms and ideas that genuinely resonate. The defence is not a hunt for enemies but the slower work of critical thinking, editorial transparency and media literacy. The question is no longer simply who is speaking. It is whose interests are served when the same narrative is amplified, again and again, across the continent.
Joseph McCarthy is an analyst and researcher focusing on governance, security, and political transitions in the Sahel. He writes on geopolitics, development, and African diplomacy. Email: joecarthy30@gmail.com
Commentary
5 Reasons Ghanaโs Floating Dock Could Reshape West Africaโs Maritime Economy
Ghana has inked a ยฃ215 million ( $287. 5 million) deal with the United Kingdom, anchored by a ยฃ101 million ($135.05 million) floating dock in Takoradi.
If successful, it will become the Gulf of Guineaโs first modern, commercially operated ship repair facility.
Here is what is at stake.
1. The Gulf of Guinea Loses Millions While Ships Sail Elsewhere for Repairs
The Gulf of Guinea is one of Africaโs busiest shipping corridors, crowded with oil tankers, cargo vessels, and offshore support ships. Yet almost all major repairs happen outside the region, often in Namibia, Spain, or beyond. Every vessel that bypasses West Africa carries away not just steel but also jobs, technical knowledge, and national revenue. The region pays the repair bill elsewhere and receives none of the associated economic ripple effects.
2. A Floating Dock Is Only the Beginning โ The Real Prize Is a Maritime Services Cluster
The dock itself is just hardware. The true opportunity lies in building a complete ecosystem around it: logistics, steel fabrication, waste management, security, crew training, catering, and port-side supply chains. Without these supporting industries, the dock becomes an isolated asset rather than an engine of local employment.
3. Ghana Already Has Indigenous Firms Ready to Scale
Homegrown players such as Rigworld have proven capabilities in marine and industrial services. The pivotal question is whether this project allows those firms to grow or whether foreign operators will absorb the most valuable contracts. Local-content policies will determine the answer.
4. Success Depends on Transparent, Proactive Government Measures
Infrastructure alone guarantees nothing. Authorities must publish tender opportunities clearly and early, establish a centralized supplier portal, offer certification support to local businesses, and ensure that Ghanaian small and medium enterprises can access affordable working capital. Without deliberate rules, international firms may capture the entire supply chain while domestic companies watch from the shore.
5. If Ghana Succeeds, Takoradi Becomes a Blueprint for African Value Retention
Should Ghana get this right, the floating dock could become a template for how African economies retain more value from their own geographic advantages. If it fails, the region will simply have acquired another expensive piece of imported equipment with little local benefit. The Gulf of Guinea offers no shortage of ships. Whether Ghanaian businessesโnot just foreign firmsโwill profit from them remains the only question that truly matters.
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