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 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.

President John Dramani Mahama has called for deeper economic and bilateral cooperation between Ghana and Zambia, stressing that African countries must move beyond diplomatic engagements to achieve meaningful development and prosperity.

Speaking during bilateral talks with Zambian President Hakainde Hichilema at the State House in Lusaka, President Mahama emphasized the need for stronger collaboration across key sectors, including mining, agriculture, and trade.

“We must go beyond political dialogue and move into economic consolidation and strong bilateral economic relations between our two countries,” President Mahama stated.

The Ghanaian leader expressed appreciation for the warm reception he and his delegation received in Zambia, describing it as a reflection of the strong historical and cultural ties between the two nations.

“Let me express my appreciation for the hospitality that has been extended to us since we arrived yesterday. From the warm welcome at the airport to the enthusiasm of the people and the Ghanaian community, we truly felt at home,” he said.

President Mahama noted that Ghana and Zambia share a longstanding relationship rooted in Africa’s liberation struggle, referencing the close partnership between Ghana’s first President, Dr. Kwame Nkrumah, and Zambia’s founding leader, Dr. Kenneth Kaunda.

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

He observed that although African nations have gained political independence, structural divisions inherited from colonial rule continue to hinder the continent’s economic growth.

“As Ghana prepares to celebrate 70 years of independence next year, we can clearly see that the divisions created by the Berlin Conference have slowed Africa’s development and limited the prosperity we seek for our people,” President Mahama noted.

The President stressed that while continental initiatives such as the African Continental Free Trade Area (AfCFTA) remain important, they must be supported by strong bilateral partnerships.

“We cannot develop continental free trade in a vacuum unless we strengthen bilateral relations that identify the products we can exchange and create the right conditions for those exchanges,” he explained.

President Mahama further highlighted similarities in the economic experiences of Ghana and Zambia, particularly in debt restructuring and fiscal reforms, which he said present opportunities for shared learning.

“Ghana and Zambia seem to be on the same trajectory. We have both faced economic challenges and undertaken reforms, and there is a lot we can learn from each other,” he said.

The discussions between the two leaders also focused on the mining sector, where both countries face challenges related to artisanal mining and operations by multinational mining companies.

“Both of us have mining industries that face similar challenges, and we are determined to share experiences and best practices,” President Mahama added.

He also conveyed appreciation from the Ghanaian community living in Zambia, noting their successful integration into Zambian society.

“They asked me to extend their thanks to you and your government for the hospitality they enjoy here. Many of them are now part of multinational families — Ghanaian and Zambian, but above all African,” he said.

President Mahama’s visit is expected to strengthen cooperation frameworks between the two countries and enhance collaboration across strategic economic sectors.