Mahama Unveils Plan to Boost Ghana’s Foreign Reserves to $20bn by 2029

President John Dramani Mahama has announced that Ghana is targeting foreign reserves exceeding $20 billion by 2029 as part of a broader strategy to strengthen economic stability and resilience.

Addressing Zambia’s National Assembly during his official visit, President Mahama said building strong foreign reserves remains a key pillar of Ghana’s Economic Reset Agenda aimed at restoring macroeconomic stability and sustaining long-term growth.

“Building robust foreign reserves is central to safeguarding our national economy and ensuring we can meet our obligations without undue dependence on external financing,” President Mahama stated.

According to the President, strengthening Ghana’s reserve position will serve as a protective buffer against external economic shocks, help stabilise the local currency, and enhance investor confidence in the country’s economy.

He explained that the government is pursuing a multi-pronged approach to achieve the target, including leveraging Ghana’s natural resource wealth, expanding productive sectors, and deepening strategic international partnerships. Key initiatives include increasing gold exports, promoting value addition in the mining sector, and implementing prudent fiscal and monetary policies.

President Mahama further disclosed that Ghana is championing a continental agenda that encourages African countries to repatriate and invest portions of their foreign reserves currently held in Western financial institutions into African-owned financial institutions.

According to him, redirecting even 30 percent of Africa’s foreign reserves into institutions on the continent could unlock significant capital to support infrastructure development, industrialisation, and economic transformation across Africa.

“By 2029, Ghana would have built foreign reserves beyond $20 billion, providing security, stability, and a platform for sustainable growth,” he said.

President Mahama emphasised that the reserve expansion target reflects Ghana’s commitment to fiscal discipline, strategic investment, and regional economic cooperation, which he said are critical to ensuring lasting prosperity for the country and the African continent at large.