President John Dramani Mahama says Ghana aims to raise its foreign reserves to more than $20 billion within the next three years to protect the economy against potential global shocks.
Speaking Friday, Feb. 6, 2026, on Ghana–Zambia relations, Mahama said the government has already made progress, increasing reserves 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,” Mahama said. “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.”
The president cautioned, however, that reserves alone cannot guarantee long-term resilience. He emphasized the need to create a business-friendly environment that expands 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,” Mahama said. “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
