Ghana’s President John Dramani Mahama has announced a plan to grow the country’s foreign exchange reserves beyond $20 billion by 2029, aiming to strengthen economic resilience and protect the nation from global shocks. He unveiled the target during a state visit to Zambia, describing it as a cornerstone of his broader “Reset Agenda,” Business Insider Africa reported.
Mahama noted that Ghana has already rebuilt its external buffers, with foreign exchange reserves rising from about $8.9 billion to roughly $13.4 billion in one year. He said that surpassing $20 billion would provide a buffer against trade gaps, volatile commodity prices, and other external pressures, according to Citi Newsroom.
The President emphasised that stronger reserves would help stabilise the cedi, reduce reliance on external financing, and boost investor confidence, all vital for sustainable recovery in a challenging global economic environment. He added that reserve accumulation should be accompanied by policies that encourage business growth and income generation for citizens.
To achieve this target, the administration plans to leverage Ghana’s natural resource sectors, including gold and cocoa, while promoting value addition to retain more foreign exchange earnings. Analysts say that the country’s improved reserves are key to stabilizing the economy after periods of financial strain and high external debt.
