SONA 2026: President Mahama announces surge in foreign reserves to $13.8 billion
President John Dramani Mahama has announced that the country's foreign exchange reserves currently stand at $13.8 billion, an increase from $8.9 billion at the end of 2024.
He presented this rise as a clear indicator of improved external stability and stronger buffers against external shocks.
Delivering his second State of the Nation Address to Parliament today [February 27], he quantified the coverage those reserves provide, stating they now cover 5.7 months of imports.
He emphasised that the country has moved to a much more comfortable position in terms of meeting external obligations and ensuring import continuity.
"A key driver of this development has been the establishment of the Ghana Gold Board by formalising gold exports," he stated, presenting the Ghana Gold Board as central to capturing more export receipts.
By formalising gold exports and reducing smuggling, he noted that the government has been able to capture more foreign exchange from the artisanal and small-scale mining sector.
As evidence of that policy's impact, he added that recorded gold exports increased from 63.6 tonnes to 103 tonnes. He said the additional export receipts have been channelled into the economy, contributing materially to the reserve increase.
The President highlighted the reserve improvement as part of a broader economic turnaround alongside debt restructuring, fiscal discipline, and currency stabilisation.
He argued that higher reserves strengthen confidence, support exchange-rate stability, and help sustain macroeconomic recovery.