President John Dramani Mahama has unveiled plans to grow Ghana’s foreign reserves beyond $20 billion by 2029, describing the target as a critical pillar of the country’s long-term economic stability and resilience.
Addressing Zambia’s National Assembly, President Mahama said strengthening Ghana’s reserve position forms a key part of the government’s broader Economic Reset Agenda, aimed at insulating the economy from shocks and reducing reliance on external financing.
“Building strong foreign reserves is essential to protecting our economy and ensuring that we meet our obligations without excessive dependence on foreign support,” he stated.
He explained that a healthier reserve buffer would help stabilise the cedi, boost investor confidence, and provide a safeguard against global economic volatility.
According to the President, the government is pursuing a multi-pronged strategy to achieve the target, including expanding gold exports, deepening value addition in the mining sector, and enforcing prudent fiscal and monetary policies. Ghana is also leveraging its natural resources, productive sectors, and strategic partnerships to strengthen reserve accumulation.
President Mahama further revealed that Ghana is championing efforts to encourage the repatriation and investment of African foreign reserves currently held in Western financial institutions. He noted that redirecting even 30 per cent of Africa’s reserves into African financial systems could unlock significant capital for infrastructure development, industrialisation, and economic transformation across the continent.
“By 2029, Ghana will have built foreign reserves exceeding $20 billion, providing security, stability, and a solid foundation for sustainable growth,” he affirmed.
He concluded that the ambitious goal underscores Ghana’s commitment to fiscal discipline, strategic investment, and regional cooperation as drivers of long-term prosperity.
