President John Dramani Mahama has set an ambitious target to raise Ghana’s foreign reserves to over $20 billion within the next three years, underlining the government’s strategy to protect the economy against potential global shocks and trade disruptions.
Speaking on Ghana–Zambia relations on Friday, 6 February 2026, the President highlighted the progress already made, noting that international reserves have increased from $8.9 billion to $13.4 billion in just one 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 said.
President Mahama emphasised that while strengthening reserves is vital, it alone is insufficient to ensure long-term economic resilience. He stressed the importance of creating a business-friendly environment that expands opportunities, increases incomes, and enhances citizens’ ability to withstand economic disruptions.
“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’s remarks come amid ongoing efforts to stabilise Ghana’s macroeconomic fundamentals, attract investment, and enhance economic resilience in an increasingly uncertain global economic climate.
