By Ashiadey Dotse
The President, John Dramani Mahama, says Ghana is working to grow its foreign exchange reserves beyond $20 billion within the next three years to protect the economy from future global shocks, including financial crises, pandemics and other unexpected disruptions.
Speaking in an interview on his final day of a three-day State Visit to Zambia on Friday, February 6, 2026, President Mahama said strong foreign reserves are key to building a resilient economy that can withstand external shocks when they occur.
He revealed that Ghana’s foreign reserves have already seen a significant improvement, rising from $8.9 billion to $13.4 billion within one year as a result of bold economic reforms undertaken by his government.
President Mahama noted that global shocks are inevitable and can come in many forms, stressing that countries must prepare in advance. According to him, the focus should not be on whether shocks will happen, but when they will occur.
He explained that both Ghana and Zambia have gone through difficult economic periods, including debt restructuring, high inflation and low investor confidence. However, he said reforms implemented in both countries are beginning to yield positive results.
President Mahama pointed to lower inflation, a stronger local currency and improving investor confidence as signs that Ghana’s economic recovery is on track, similar to developments currently being seen in Zambia.
He said building foreign reserves is only one part of the strategy, adding that governments must also create a business-friendly environment that boosts incomes and expands opportunities for citizens.
According to him, when people have stable incomes and capital, they are better able to survive economic shocks and rebuild their lives if crises occur.
President Mahama also called for stronger economic cooperation between Ghana and Zambia, proposing an economic partnership agreement that would allow both countries to share knowledge and resources in areas where they have comparative advantages.
He highlighted agriculture and mining as key sectors for cooperation, noting that Ghana already imports improved seeds from Zambia. He disclosed that Zambian President Hakainde Hichilema had gifted him one tonne of maize seeds, some of which he plans to distribute to farmers near his farm.
President Mahama stressed that a strong economy is the foundation for progress in all other sectors, including education and agriculture, adding that sustained economic growth is essential for national development.
