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.
Strong foreign reserves are essential to creating a resilient economy that can survive external shocks when they happen, President Mahama stated in an interview on Friday, February 6, 2026, the last day of his three-day State Visit to Zambia. He revealed that Ghana’s foreign reserves have improved significantly, rising from $8.9 billion to $13.4 billion in one year, due to bold economic reforms undertaken by his government.
President Mahama emphasised that nations must prepare ahead of time, pointing out that global shocks are unavoidable and can take many different forms. He said that the emphasis should be on when shocks will occur rather than whether they will occur. He clarified that both Zambia and Ghana had experienced challenging economic times, characterised by poor investor confidence, rising inflation, and debt restructuring. Nonetheless, he claimed that changes put in place in both nations are starting to show promise.
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.
He asserts that people are better equipped to withstand economic shocks and reconstruct their lives in the event of a crisis when they have steady earnings and capital. A proposal for an economic partnership agreement that would enable Ghana and Zambia to exchange resources and expertise in sectors where they have comparative advantages was also made by President Mahama, who advocated for greater economic collaboration between the two nations.
He emphasised mining and agriculture as important areas for collaboration, pointing out that Ghana currently buys enhanced seeds from Zambia. He revealed that he received one ton of corn seeds from Zambian President Hakainde Hichilema, which he intends to share with farmers in the vicinity of his land. 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.
