Cocoa Capital PLC, a wholly owned subsidiary of the Ghana Cocoa Board (COCOBOD), has secured regulatory approval to raise up to GH¢16.3 billion through the domestic debt capital market to support cocoa purchases and refinance legacy obligations within the sector.
The financing programme, known as the Domestic Cocoa Notes Programme, is expected to provide both short-term liquidity for cocoa purchases during the 2026/27 crop season and longer-term funding to address existing debt obligations.
Under the programme, Cocoa Capital plans to raise GH¢14 billion through Commercial Paper, which will be issued in tranches to meet short-term funding requirements associated with cocoa purchases.
An additional GH¢2.3 billion will be raised through medium- to long-term bond issuances to refinance legacy debt incurred by COCOBOD.
In a statement , Cocoa Capital PLC said the programme formed part of the government’s ongoing efforts to restructure and establish a more sustainable financing framework for Ghana’s cocoa industry.
The company said the new financing structure was intended to ensure timely funding for cocoa purchases, address outstanding financial obligations and improve the long-term financial sustainability of the sector.
Cocoa Capital said the Securities and Exchange Commission (SEC) had approved the programme, paving the way for the company to access funding through the domestic debt capital market.
The first commercial paper issuances are expected to be rolled out in the coming weeks. The timing and size of individual tranches will depend on the sector’s cocoa purchasing requirements and prevailing conditions in the domestic financial market.
Under the programme, repayment obligations will be backed by receivables from selected executed cocoa forward sales contracts that have been assigned to Cocoa Capital.
According to the company, proceeds from those contracts will be channelled into designated ring-fenced accounts maintained with appointed account banks. The funds will then be applied according to the payment waterfall established under the financing programme.
Cocoa Capital said additional information regarding individual issuances would be communicated to the market as the programme progresses.
The programme’s appointed Bookrunners are Absa Bank Ghana Limited, CalBank PLC, Fincap Securities Limited, GCB Bank PLC, One Africa Securities Limited and Stanbic Bank Ghana Limited.
