Cocoa Capital PLC, a subsidiary of the Ghana Cocoa Board (COCOBOD), has launched 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. Launched on Wednesday, October 14, 2026, it is intended to increase the use of domestic capital while reducing COCOBOD’s reliance on external borrowing.
COCOBOD Chief Executive Dr Randy Anertey Abbey described the initiative as a significant development in Ghana’s cocoa financing framework. He said it would expand the Board’s financing options, mobilise domestic resources and create a stronger link between Ghana’s fixed income market and the cocoa industry.
Dr Abbey said the programme formed part of government’s wider reforms to revitalise the cocoa sector, improve farmers’ livelihoods, strengthen financial sustainability and increase value addition.
He also stressed that the long-term success of the funding model would depend on sound financial management, effective governance and the productive use of the money raised. He pledged that funds secured through the programme would be applied to their intended purposes.
Special purpose vehicle
John Awuah, Board Chairman of Cocoa Capital PLC, said the initiative was designed to do more than meet the immediate financing needs of the upcoming cocoa purchasing season.
Cocoa Capital PLC has been established as a Special Purpose Vehicle (SPV) to provide a structured funding mechanism for the sector, while maintaining transparency and accountability, Mr Awuah said.
He added that the programme’s success would rely on disciplined implementation and the ability to meet its financial obligations. He also thanked investors and transaction partners for supporting the inaugural issuance.
The President of the Ghana Association of Banks, Kwamina Asomaning, said cooperation between banks, capital markets and domestic investors would be important in financing productive areas of the economy.
He said timely access to funding would support cocoa purchases and strengthen the connection between domestic savings and economic activity within Ghana.
The inaugural issuance has already 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 how the domestic capital market could mobilise resources for national development.
The launch brought together COCOBOD management, the Board of Cocoa Capital PLC, SEC, representatives of banking partners, advisers and institutional investors.
Their participation underlined the importance of collaboration in building a more sustainable financing structure for Ghana’s cocoa industry. Continued investor confidence is expected to depend on transparency, strong governance and the timely fulfilment of financial obligations.
