President John Dramani Mahama has set a target to increase Ghana’s foreign reserves to over $20 billion within the next three years, citing the need to shield the economy from potential global shocks.
Speaking on Ghana–Zambia relations on Friday, February 6, 2026, President Mahama noted that the government has already made significant progress in strengthening reserves, moving from $8.9 billion to $13.4 billion in just one year.
He explained that the need to increase the country’s international reserve is to ensure that Ghana is safe in the event of any global shock or trade gap.
“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 building reserves alone is not enough 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. 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.
