In a significant move towards economic stability and resilience, President John Dramani Mahama stated that Ghana intends to raise its foreign reserves to over $20 billion by 2029.
He emphasized the need to strengthen the country’s reserves as part of Ghana’s overall economic Reset Agenda in a statement before the Zambian National Assembly.
President Mahama said, “Maintaining strong foreign reserves is essential to protecting our national economy and making sure we can meet our responsibilities without becoming overly reliant on foreign funding. “
He stressed that a stronger reserve position would shield Ghana from external shocks, stabilize the cedi, and promote investor confidence.
In order to increase reserves, Ghana is actively using its natural resource endowments, productive industries, and strategic alliances, the President said. Increased gold exports, the domestication of value addition in the mining industry, and sensible fiscal and monetary policies are among the initiatives.
Additionally, Ghana is pushing for the return and investment of African foreign reserves held in Western financial institutions.
Even a 30% transfer of Africa’s foreign reserves to African financial institutions may establish a significant capital pool for infrastructure development, industrialization, and economic change, according to President Mahama.
“By 2029, Ghana would have accumulated foreign reserves in excess of $20 billion, which would give it security, stability, and a foundation for long-term development,” he stated.
The President came to the conclusion that this ambitious objective demonstrates Ghana’s commitment to integrating fiscal discipline, strategic investments, and regional cooperation for long-term success.
Source: myjoyonline.com
