COCOBOD launches GH¢16.3 billion domestic cocoa financing programme

The Ghana Cocoa Board (COCOBOD), through its subsidiary Cocoa Capital PLC, has launched a GH¢16.3 billion bond and commercial paper programme on the Ghana Stock Exchange to finance cocoa purchases for the 2026/27 season and reduce reliance on external borrowing.

The programme, unveiled on Wednesday, October 14, 2026, comprises GH¢14 billion in commercial paper and GH¢2.30 billion in bonds, marking a shift towards mobilising domestic capital to support Ghana’s cocoa industry.

Chief Executive Officer of COCOBOD, Dr Randy Anertey Abbey, described the initiative as “a defining moment in the evolution of the country’s cocoa financing framework”.

He said the programme would expand COCOBOD’s financing options, mobilise domestic resources and strengthen the connection between Ghana’s fixed-income market and the cocoa industry.

Dr Abbey explained that the initiative forms part of the government’s broader cocoa sector reforms aimed at revitalising the industry, improving farmers’ livelihoods, strengthening financial sustainability and increasing value addition.

He stressed that the success of the new financing model would depend on prudent financial management, effective governance and the productive use of funds raised.

“We will ensure that the funds realised are used for the intended purposes,” he said, pledging COCOBOD’s commitment to accountability in the implementation of the programme.

According to him, the initiative is expected to provide an alternative source of funding for cocoa purchases while deepening the role of domestic investors in supporting the sector.

Board Chairman of Cocoa Capital PLC, John Awuah, also said the special purpose vehicle has been established to provide a structured financing mechanism capable of addressing the cocoa industry’s funding requirements while ensuring transparency and accountability.

He noted that the initiative goes beyond meeting the immediate financing needs of the 2026/27 cocoa season, adding that its long-term success would depend on disciplined execution and the ability to meet financial obligations.

Awuah expressed appreciation to investors and transaction partners for their confidence in the inaugural issuance.

President of the Ghana Association of Banks, Kwamina Asomaning, also underscored the importance of collaboration among banks, capital market operators and domestic investors in financing productive sectors of the economy, saying the timely access to financing would support cocoa purchases and strengthen the link between domestic savings and economic activity.

The inaugural issuance has attracted approximately GH¢3.59 billion in investor bids at an interest rate of 11 percent per annum.

The Ghana Stock Exchange welcomed the transaction, describing it as an example of how the domestic capital market could mobilise resources to support national development.

The programme represents a new phase in domestic cocoa financing with investor confidence expected to depend on transparency, sound governance and the timely fulfilment of financial obligations.

The event brought together COCOBOD management, the board of Cocoa Capital PLC, representatives of the Securities and Exchange Commission, banking partners, transaction advisers and institutional investors.