President Mahama Targets Over $20bn in Foreign Reserves by 2029 to Shield Ghana’s Economy

President John Dramani Mahama has announced plans to increase Ghana’s foreign reserves to more than $20 billion within the next three years as part of efforts to protect the economy from global shocks.

Speaking on Ghana–Zambia relations on Friday, February 6, 2026, the President said the country has already made significant progress in strengthening its reserve position, with figures rising from $8.9 billion to $13.4 billion within a year.

“One of the things we need to do is to build our foreign reserves. In one year, we have moved our reserves from $8.9 billion to $13.4 billion. We want to, over the next three years, increase this to beyond $20 billion so that if anything happens, we will be able to tide over whatever shock comes,” he told Joy News.

He explained that expanding the country’s international reserves is critical to safeguarding Ghana against potential global disruptions, trade imbalances, and economic uncertainty.

However, President Mahama emphasised that building reserves alone will not guarantee long-term economic resilience. He stressed the need to create a business-friendly environment that enhances income levels and expands economic opportunities for citizens.

“The other thing is creating an environment that is conducive to business so that we can have a multiplier effect in terms of people’s income and opportunities. Because ultimately, your reserve alone will not be able to do it.

“It is about boosting the per capita income of your people so that when something happens, your citizens will have the income to survive or bring themselves back up,” he explained.

The President noted that strengthening reserves alongside improving livelihoods and supporting enterprise growth will be key to sustaining economic stability and resilience in the years ahead.