The Ghana Cocoa Board (COCOBOD) has established a special-purpose financing vehicle, Cocoa Capital PLC, to support and supervise a planned GH¢16.3 billion domestic fundraising programme.
The move is expected to give COCOBOD a dedicated vehicle to access the domestic capital market and raise funding under the Cocoa Notes Programme.
The company was incorporated on August 7, 2026, under the Companies Act, 2019 and will be wholly owned by COCOBOD, with an initial paid-up capital of GH¢5 million.
Its principal purpose is to raise funds and apply the proceeds to approved cocoa-sector financing and refinancing activities.
Breakdown of GH¢16.3bn programme
The vehicle plans to raise a total of GH¢16.3 billion, of which GH¢14 billion will be raised through commercial papers, while GH¢2.3 billion will be raised through bonds.
The commercial papers could have maturities of up to 270 days, while the bonds could have a tenor of up to five years.
Meanwhile, short-term working capital programme is expected to be implemented in tranches.
The first tranche is targeted at GH¢4 billion, followed by another GH¢4 billion, with a final tranche of GH¢6 billion.
The timing and actual amounts to be raised will depend on COCOBOD’s funding requirements, market conditions and the applicable programme terms.
Absa, CalBank, Ficap Securities, GCB Bank PLC, One Africa Markets and Stanbic Bank will act as joint lead managers and bookrunners for the offer.
Structures have been put in place to ensure proceeds from each issuance are used only for approved purposes under the programme. The arrangement is also intended to provide additional assurance to investors that funds raised will be managed and deployed prudently.
COCOBOD is targeting cocoa production of 683,000 metric tonnes for 2027, representing about 41.3% of the 2026 target.
Separately, cocoa production for 2026 has reached 771,000 metric tonnes, exceeding COCOBOD’s original target of 650,000 metric tonnes.
COCOBOD settles GH¢2.3bn DDEP bond payment, completes 2026 obligations
