Cocoa Capital PLC undertakes bond and note programme on GSE

Cocoa Capital PLC, a subsidiary of Ghana Cocoa Board (COCOBOD) created under the domestic funding model of the Board has undertaken a bond and note programme on the Ghana Stock Exchange in a major move to raise GH¢16.30 billion, comprising GH¢14 billion commercial paper and GH¢2.30 billion bond.

The ceremony, held on Wednesday, October 14, 2026, marks a shift towards mobilising domestic capital to finance cocoa purchases for the 2026/27 cocoa season and reducing reliance on external borrowing.

Chief Executive of COCOBOD, Dr Randy Anertey Abbey, described the initiative as a defining moment in the evolution of Ghana’s cocoa financing framework and said the new model would broaden the Board’s financing options, mobilise domestic resources and establish a strong connection between Ghana’s fixed income market and the cocoa industry.

Dr. Abbey noted that the programme is part of government's cocoa sector reforms aimed at revitalising the sector, improving farmers’ livelihoods, strengthening financial sustainability and increasing value addition.

He added that its long-term success would depend on proper financial management, effective governance and the productive use of funds raised and pledged to ensure that funds realised would be used for the intended purposes.

The Board Chairman of Cocoa Capital PLC, Mr John Awuah, said the initiative, which is a Special Purpose Vehicle (SPV) goes beyond raising funds for the immediate cocoa purchasing season and explained that the SPV has been established to provide a structured financing mechanism capable of addressing the sector’s funding requirements while maintaining transparency and accountability.

Mr. Awuah stressed that the success of the programme would depend on disciplined execution and the ability to meet financial obligations and expressed appreciation to investors and transaction partners for their confidence in the inaugural issuance.

The President of the Ghana Association of Banks, Mr. Kwamina Asomaning also highlighted the importance of collaboration among banks, capital markets and domestic investors in financing productive sectors of the economy.

He noted that timely financing would support cocoa purchases and strengthen the link between domestic savings and local economic activity.

The successful programme also marks the beginning of a new phase in domestic cocoa financing, with continued investor confidence expected to depend on transparency, sound governance and the timely fulfilment of financial obligations.

Meanwhile, the inaugural issuance has already attracted approximately GH¢3.59 billion in investor bids at an interest of 11% per annum.

The Ghana Stock Exchange welcomed the transaction as an example of how the domestic capital market could mobilise resources for national development.

The event brought together COCOBOD management, the Board of Cocoa Capital PLC, SEC, representatives of banking partners, advisors, and institutional investors.

Their participation underscored the importance of cooperation in developing a more sustainable financing framework for Ghana’s cocoa industry.