Cocoa Capital PLC, a wholly owned subsidiary of the Ghana Cocoa Board (COCOBOD), is set to raise up to GH¢16.3 billion under its Domestic Cocoa Notes Programme to finance cocoa purchases and improve the financial health of the cocoa sector.
Under the programme, GH¢14 billion will be raised through Commercial Paper to meet short-term liquidity needs for the 2026/27 crop season, while GH¢2.3 billion will be mobilised via medium-to-long-term bonds to refinance COCOBOD’s legacy debt.
The initiative forms a key part of government’s cocoa sector reset agenda, introducing a more sustainable financing structure to ensure prompt payment for cocoa purchases, settle outstanding obligations and position the sector for long-term growth.
Cocoa Capital PLC has received approval from the Securities and Exchange Commission (SEC) to access the domestic debt capital market. The Commercial Paper will be issued in tranches in the coming weeks, in line with funding demands for bean purchases and prevailing market conditions.
Repayments will be backed by receivables from assigned cocoa forward sales contracts, with proceeds channelled through ring-fenced accounts at appointed banks and disbursed according to the programme’s payment waterfall.
The bookrunners for the programme are Absa Bank Ghana Ltd, CalBank PLC, Fincap Securities Ltd, GCB Bank PLC, One Africa Securities Ltd and Stanbic Bank Ghana Ltd.
