Cocoa Board and debt exchange: Ghana’s path to renewal

The Ghana Domestic Debt Exchange Programme (DDEP), initiated in 2023, has aimed to address unsustainable debt by exchanging existing bonds for new instruments with longer maturities and reduced interest rates. COCOBOD, or the Ghana Cocoa Board, has successfully completed its GH¢2.68 billion payment obligations under the DDEP by March 2026, showcasing fiscal discipline and credibility.

Debt restructuring has a historical precedent in Ghana, with notable instances in the 1960s, 1980s, and early 2000s, where external debt surged and arrears mounted, requiring debt rescheduling. As of June 2026, Ghana's public debt stock was GH¢719.5 billion, domestic debt was GH¢391.1 billion, inflation stood at 4.6%, GDP grew by 6.4% in Q1, and foreign reserves covered 4.2 months of imports.

The 2026 payments underscore COCOBOD's role as a stabiliser in Ghana's financial cycles, reassuring both domestic and international investors of the reliability of cocoa as a key export. The DDEP's success, particularly COCOBOD's timely payments, has led to lower sovereign risk, enhanced investor confidence, and the potential for diversification into productive sectors.

This debt management strategy has contributed to macroeconomic stability, with indicators like the cedi's appreciation and GDP growth suggesting a positive trajectory. However, the looming maturities in 2027 and 2028 will require continued fiscal discipline to ensure lasting debt sustainability. COCOBOD's settlement represents a continuation of its stabilising role and a commitment to Ghana's future prosperity, with cocoa remaining central to the nation's economic revival.