Cocoa Capital PLC, a subsidiary of Ghana Cocoa Board (COCOBOD), has undertaken a bond and note programme on the Ghana Stock Exchange to raise GH¢16.30 billion for cocoa purchases during the 2026/27 season.
The programme comprises GH¢14 billion in commercial paper and a GH¢2.30 billion bond. Its launch on Wednesday, October 14, 2026, represents a move towards using domestic capital to finance cocoa purchases while reducing COCOBOD’s dependence on external borrowing.
The initiative was established under COCOBOD’s domestic funding model and is intended to create a stronger connection between Ghana’s fixed income market and the cocoa industry.
COCOBOD Chief Executive Dr Randy Anertey Abbey described the programme as a defining development in the evolution of Ghana’s cocoa financing framework. He said it would expand the Board’s financing options and help mobilise domestic resources for the sector.
Dr Abbey said the programme formed part of the government’s wider cocoa sector reforms, which are aimed at revitalising the industry, improving farmers’ livelihoods, strengthening financial sustainability and increasing value addition.
He added that the programme’s long-term success would depend on sound financial management, effective governance and the productive use of the funds raised. Dr Abbey also pledged that the money realised would be applied to its intended purposes.
Structured financing vehicle
The Board Chairman of Cocoa Capital PLC, Mr John Awuah, said the initiative was designed to meet more than the immediate funding needs of the upcoming cocoa purchasing season.
He described Cocoa Capital PLC as a Special Purpose Vehicle (SPV) established to provide a structured financing mechanism for the sector’s funding requirements, while maintaining transparency and accountability.
Mr Awuah said disciplined execution and the ability to meet financial obligations would be central to the programme’s success. He also thanked investors and transaction partners for their confidence in the inaugural issuance.
Mr Kwamina Asomaning, President of the Ghana Association of Banks, underlined the importance of cooperation between banks, capital markets and domestic investors in financing productive areas of the economy.
He said timely access to funding would support cocoa purchases and reinforce the relationship between domestic savings and economic activity in Ghana.
The inaugural issuance has attracted approximately GH¢3.59 billion in investor bids at an interest rate of 11% per annum.
The Ghana Stock Exchange welcomed the transaction, describing it as an example of the domestic capital market’s ability to mobilise resources for national development.
The event was attended by COCOBOD management, the Board of Cocoa Capital PLC, SEC, representatives of banking partners, advisers and institutional investors.
Their participation highlighted the importance of collaboration in building a more sustainable financing framework for Ghana’s cocoa industry. Continued investor confidence is expected to depend on transparency, sound governance and the timely fulfilment of financial obligations.
