COCOBOD raises GH¢3.39bn at 11% in first commercial paper tranche
The Ghana Cocoa Board (COCOBOD), through its wholly owned special-purpose vehicle, Cocoa Capital PLC, has raised GH¢3.39 billion from the first tranche of its Commercial Paper (CP) programme. JOYBUSINESS understands that the funds were raised last week, according to persons familiar with the outcome of the offer. The amount falls short of the GH¢4 billion […]
The Ghana Cocoa Board (COCOBOD) has successfully raised GH¢3.39 billion through the first tranche of its Commercial Paper (CP) program, as part of a GH¢16.3 billion Cocoa Financing Programme. This amount falls short of the initial target of GH¢4 billion for the first tranche, leaving uncertainty over whether additional funding will be secured.
The Commercial Paper carries an interest rate of 11% and has a tenor of 266 days. The funds raised will primarily be used to meet short-term liquidity requirements for cocoa purchases during the 2026/27 crop season, with GH¢14 billion to be raised through additional Commercial Papers. The remaining GH¢2.3 billion will be obtained through medium- to long-term bond issuances to refinance existing COCOBOD debt.
Repayment obligations will be supported by receivables from executed cocoa forward sales contracts. The Domestic Cocoa Notes Programme aims to strengthen the cocoa sector's financial position and support cocoa purchases with a more sustainable financing model.
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