President John Dramani Mahama says the government is pushing to grow Ghana’s foreign reserves beyond $20 billion within the next three years, a move aimed at protecting the economy from external shocks and global uncertainties.
Speaking on Ghana–Zambia relations on Friday, February 6, 2026, the President revealed that the country has already made significant progress, with gross international reserves rising from $8.9 billion to $13.4 billion in just one year.
According to him, building strong foreign reserves is a key pillar of macroeconomic stability, especially at a time when global trade disruptions, currency pressures and financial volatility can quickly spill over into local economies.
“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. Over the next three years, we want to push this beyond $20 billion so that if anything happens, we will be able to tide over whatever shock comes,” President Mahama said.
He explained that stronger reserves give the country breathing space during difficult times, allowing government to respond more effectively to sudden global developments that could affect trade, foreign exchange supply and overall economic confidence.
However, the President was quick to point out that piling up reserves alone will not guarantee long-term economic resilience. He stressed that structural reforms and a business-friendly environment are just as critical to sustaining 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 noted.
President Mahama also placed strong emphasis on improving per capita income, describing it as central to the government’s broader economic strategy. He argued that when citizens earn more, they are better equipped to withstand economic shocks and recover faster when challenges arise.
“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.
The comments come as government intensifies efforts to restore macroeconomic stability, rebuild investor confidence and strengthen Ghana’s external buffers following recent economic headwinds.
