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.

President of the Republic of Ghana, H.E. John Dramani Mahama, has emphasized that the recent Ghana-Zambia state visit marks a shift from ceremonial diplomacy to action-driven economic collaboration. Addressing the Ghana-Zambia Business Dialogue in Lusaka, President Mahama highlighted the importance of leveraging the private sector to anchor bilateral relations.

“This state visit has not been your usual ceremonial champagne drinking… we must go beyond just the normal permanent joint commission discussions and enhance the relations between Ghana and Zambia to the level of an enhanced economic development partnership,” President Mahama said.

The dialogue brought together business leaders, government officials, and investors, providing a platform to explore partnerships in agriculture, energy, mining, fintech, and digital technology. “At a time when global trade is increasingly fragmented and protectionist tendencies are on the rise, Africa must turn inward with purpose… this business dialogue is a strategic platform to convert political goodwill into concrete commercial partnerships,” he added.

President Mahama highlighted the comparative strengths of both countries. “Ghana has moved quite fast in FinTech… and Zambia is far ahead of us in terms of reforms in the energy sector,” he said, pointing to opportunities for mutual learning and collaboration. He also cited Zambia’s expertise in agriculture and seed production, noting, “Zambia’s experience offers valuable lessons for Ghana as we expand production and deepen value addition through our Feed Ghana program.”

Ghana’s economic progress was also underscored. “Through decisive reforms, fiscal discipline, and bold policy choices, Ghana has stabilized its economy and restored confidence… investor sentiments have rebounded, and we’re on track to successfully conclude our IMF program by April 2026,” President Mahama stated.

The state visit also saw the signing of key agreements, including visa waivers and bilateral air services, aimed at boosting trade, investment, and connectivity between the two nations.

Concluding his remarks, President Mahama said, “Government will provide the enabling environment, but it is the private sector that must build the factories, take the risks, and create the jobs… let this business dialogue mark the beginning of a new chapter, one defined by action, ambition, and shared prosperity.”

President of Ghana, H.E. John Dramani Mahama, has underscored the importance of stronger bilateral cooperation among African countries, describing it as critical to the continent’s development, unity and long-term prosperity.

Speaking at the State House in Lusaka during bilateral talks with President Hakainde Hichilema of Zambia, President Mahama said Africa’s future growth cannot rely solely on continental frameworks without deep, practical partnerships between individual states.

“While we cooperate at the continental level, bilateral relations between countries can make a very big difference,” President Mahama stated.

He reflected on Africa’s shared liberation history, recalling the close relationship between Ghana’s first President, Dr. Kwame Nkrumah, and Zambia’s founding leader, Dr. Kenneth Kaunda, which he said laid the foundation for Pan-African solidarity.

“President Kaunda and President Nkrumah were friends and comrades in the African liberation struggle. Ghana became a hub for freedom fighters because our independence was considered meaningless unless it was linked to the total liberation of the African continent,” he said.

President Mahama noted that decades after independence, Africa continues to grapple with structural challenges rooted in colonial divisions, which have slowed economic progress across the continent.

“As Ghana prepares to celebrate 70 years of independence next year, we can all see that the divisions created by the Berlin Conference have made it difficult for Africa to develop at an optimal speed and create the prosperity our people need,” he observed.

According to President Mahama, closer bilateral cooperation offers African countries an opportunity to address shared challenges more effectively, especially in key economic sectors.

“Today, we can better appreciate the call for unity, because the challenges we face demand that we forge even closer links with one another,” he said.

He stressed that while the African Continental Free Trade Area (AfCFTA) is a major step forward, its success depends on strong bilateral economic relationships that facilitate real trade and production.

“We cannot develop continental free trade in a vacuum unless we develop those bilateral relations that will identify what products we can exchange and create the conditions to make those exchanges possible,” President Mahama explained.

The Ghanaian leader pointed to mining, agriculture and trade as areas where Ghana and Zambia, in particular, can deepen cooperation and share best practices.

“Both of us have mining industries that face similar challenges, and there is a lot we can learn from each other. The same applies to agricultural production and the marketing of our products,” he said.

President Mahama also highlighted the importance of people-to-people ties, noting the strong presence and integration of Ghanaians living in Zambia.

“They feel comfortable and at home here, and many of them are now part of multinational families — Ghanaian and Zambian, but all African,” he said.

He expressed gratitude to the Zambian government and people for the warm hospitality extended to him and his delegation during the visit.

“From the welcome at the airport to the enthusiasm of the people, we have truly felt very welcome and at home,” President Mahama added.

President Mahama’s remarks reinforce his call for African nations to deepen bilateral partnerships as a practical pathway to strengthening continental unity, accelerating development and securing Africa’s future.