President John Dramani Mahama has announced that Ghana aims to increase its foreign reserves beyond $20 billion by 2029, signalling a major step toward economic stability and resilience.

Speaking at an address to Zambia’s National Assembly, he outlined the importance of bolstering the nation’s reserves as part of Ghana’s broader economic Reset Agenda.

“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 said.

He emphasised that a stronger reserve position will protect Ghana from external shocks, stabilise the cedi, and foster investor confidence.

The President explained that Ghana is actively leveraging its natural resource endowments, productive sectors, and strategic partnerships to expand reserves. Initiatives include increased gold exports, the domestication of value addition in the mining sector, and prudent fiscal and monetary policies.

Ghana is also advocating for the repatriation and investment of African foreign reserves held in Western financial institutions.

According to President Mahama, redirecting even 30% of Africa’s foreign reserves into African financial institutions could create a vast pool of capital for infrastructure, industrialisation, and economic transformation.

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

The President concluded that this ambitious goal reflects Ghana’s determination to combine fiscal discipline, strategic investments, and regional cooperation for long-term prosperity.