President John Dramani Mahama has announced plans to raise Ghana’s foreign reserves to more than $20 billion over the next three years as part of efforts to strengthen the country’s economic resilience against external shocks.
Speaking on Ghana–Zambia relations in an interview with Joy News on Friday, February 6, 2026, President Mahama said government has already made substantial gains in rebuilding the country’s reserves.
According to him, Ghana’s gross international reserves have increased from $8.9 billion to $13.4 billion within a year — a development he described as a significant step toward macroeconomic stability.
“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 said.
The President explained that strengthening reserves is critical to safeguarding the economy against potential global disruptions, including trade imbalances and external financial shocks.
However, he cautioned that reserve accumulation alone cannot guarantee long-term economic security. He stressed the need to create a business-friendly environment that stimulates investment, job creation, and income growth.
“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,” he stated.
President Mahama emphasised that boosting per capita income remains central to building long-lasting economic resilience.
“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 added.
