Ghana’s cocoa sector is set for a major financing shift as Cocoa Capital PLC, a wholly owned subsidiary of Ghana Cocoa Board (COCOBOD), moves to raise up to GHS16.3 billion through a new Domestic Cocoa Notes Programme.
Under the programme, GHS14 billion will be raised through Commercial Paper to support short-term liquidity needs for cocoa purchases during the 2026/27 crop season, while another GHS2.3 billion will come through medium- to long-term bonds aimed at refinancing existing COCOBOD legacy debt.
The initiative, announced on 25 September 2026, forms part of the Government’s cocoa-sector reset agenda and is designed to establish a more sustainable financing structure for cocoa purchases while addressing legacy financial obligations.
Cocoa Capital PLC says it has already received approval from the Securities and Exchange Commission (SEC) to raise funds through Ghana’s domestic debt capital market. The Commercial Paper will be issued in tranches over the coming weeks, depending on cocoa financing requirements and market conditions.
Repayment will be supported by receivables from selected executed cocoa forward-sale contracts assigned to Cocoa Capital PLC, with proceeds channelled through designated ring-fenced accounts.
The programme’s bookrunners are Absa Bank Ghana Ltd, Cal Bank PLC, Fincap Securities Ltd, GCB Bank PLC, One Africa Securities Ltd and Stanbic Bank Ghana Ltd.
