GOVERNMENT, COCOBOD DEEPEN INVESTOR ENGAGEMENT ON COCOA FINANCING

Date: 21st September 2026

Government and the Ghana Cocoa Board (COCOBOD) have engaged institutional investors, financial institutions and other capital market participants on Ghana’s emerging cocoa sector financing framework.

The engagement, held at the Ministry of Finance in Accra on Thursday, focused on the outlook of the cocoa sector, ongoing reforms and the Cocoa Notes Programme, which seeks to progressively mobilise funding for cocoa purchases and related operations through Ghana’s domestic capital market.

Welcoming participants, the Minister for Finance, Hon. Dr. Cassiel Ato Forson, outlined reforms aimed at strengthening COCOBOD’s financial position, reducing its leverage, improving returns to cocoa farmers and promoting local processing and value addition.

He said the new financing approach represented a shift from Ghana’s longstanding reliance on international syndicated loans and the buyer-financed model adopted in recent years.

The reforms are supported by the Ghana Cocoa Board Act, 2026, which provides for an automatic producer price adjustment mechanism linked to international market prices, exchange rates and other relevant variables, while guaranteeing farmers at least 70 per cent of the gross FOB price.

Government is also converting COCOBOD’s legacy debt owed to the Ministry of Finance and Bank of Ghana into equity, while cocoa road contracts are being transferred to the Ministry of Finance to enable COCOBOD to focus on its core mandate.

Chief Executive of COCOBOD, Dr. Randy Abbey, led an investor presentation on the sector and the Board’s strategic direction, followed by a presentation by the Deputy Chief Executive, Finance and Administration, Mr. Ato Boateng, on the financing strategy.

The transaction team subsequently briefed investors on the proposed issuance, followed by an interactive session on the financing model and reforms.

The engagement forms part of efforts to strengthen domestic capital participation and establish a more sustainable financing framework for Ghana’s cocoa industry.