President Mahama targets $20 Billion in foreign reserves to strengthen Ghana’s Economy

President John Dramani Mahama has set a target to increase Ghana’s foreign reserves to over $20 billion within the next three years, emphasizing the need to shield the economy from potential global shocks.

Speaking on Ghana–Zambia relations on Friday, February 6, 2026, President Mahama highlighted the government’s progress in strengthening reserves, which have grown from $8.9 billion to $13.4 billion in just one year.

He explained that building the country’s international reserves is essential to ensure Ghana’s economic stability in the event of global disruptions or trade gaps.

“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.

The President added that strengthening reserves alone is not sufficient for long-term economic resilience. He stressed the importance of creating a business-friendly environment that boosts citizens’ incomes and opportunities.

“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. Ultimately, your reserves alone will not be able to achieve that,” he said.