COCOBOD says $1.4bn domestic funding is a strategic shift, not due to market exclusion
The Ghana Cocoa Board (COCOBOD) has rejected suggestions that its decision to raise $1.4 billion from domestic investors to finance cocoa purchases for the 2026/2027 season is the result of being shut out of international financial markets. The proposed financing, equivalent to about GH¢16.3 billion, represents a shift from COCOBOD’s traditional reliance on international borrowing […]
Ghana's Cocoa Board (COCOBOD) has dismissed claims that its decision to secure $1.4 billion in domestic funding for cocoa purchases in the 2026/2027 season stems from being barred from international financial markets. This shift in strategy, valued at roughly GH¢16.3 billion, represents a departure from the organization's conventional dependence on external borrowing for pre-financing cocoa acquisitions.
Ato Boateng, Deputy Chief Executive Officer responsible for Finance and Administration at COCOBOD, elucidated that the change was a calculated strategic shift, prompted by the insights gleaned from past financing endeavors. Although several international banks have approached the board to reintegrate into the global market since he assumed office, COCOBOD opted for an alternative path.
Mr. Boateng expressed his reservations over returning to international lending due to his dissatisfaction with the behavior exhibited by certain international financiers during COCOBOD's financial hardships. He remarked, "I don’t like fair-weather friends. You don’t run away from Cocoa Board when we have difficulties, and then when we have weathered those difficulties, then you show up."
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