COCOBOD dismisses claims of international market exclusion, defends $1.4bn domestic financing shift
The Ghana Cocoa Board (COCOBOD) has dismissed claims that its decision to raise $1.4 billion from domestic investors to finance cocoa purchases for the 2026/2027 season is because it has been shut out of the international market. The financing, equivalent to about GH¢16.3 billion, marks a shift from COCOBOD’s traditional reliance on international borrowing to […]
COCOBOD, the Ghana Cocoa Board, has dismissed allegations that its recent decision to raise $1.4 billion from domestic investors to finance cocoa purchases for the 2026/2027 season was due to exclusion from the international market. Deputy CEO Ato Boateng spoke on Channel One TV, stating that the shift in financing strategy is a deliberate change based on lessons from previous international borrowing arrangements.
He mentioned that several international banks had approached COCOBOD about re-entering the market, but the board resisted these calls due to dissatisfaction with the behavior of some international financiers during the board's financial difficulties. Boateng also highlighted the limitations of COCOBOD's previous buyer-financed model, which exposed the cocoa purchasing system to international market fluctuations.
The new financing strategy, which relies on domestic sources, aims to reduce dependence on international financiers and provide greater stability for the cocoa sector.
Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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