The Ghana Cocoa Board (COCOBOD) has established Cocoa Capital PLC, a special-purpose financing vehicle, to support and supervise a planned GH¢16.3 billion domestic fundraising programme. This move aims to provide COCOBOD with a dedicated vehicle to access the domestic capital market and raise funding under the Cocoa Notes Programme. Cocoa Capital PLC was incorporated on August 7, 2026, under the Companies Act, 2019.
Cocoa Capital PLC will be wholly owned by COCOBOD, with an initial paid-up capital of GH¢5 million. The company's principal purpose is to raise funds and apply the proceeds to approved cocoa-sector financing and refinancing activities. The fundraising programme will consist of GH¢14 billion commercial papers and GH¢2.3 billion bonds. The commercial papers could have maturities of up to 270 days, while the bonds could have a tenor of up to five years.
The 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. This arrangement is intended to provide additional assurance to investors that funds raised will be managed and deployed prudently. COCOBOD officials have described the move as a new chapter for the cocoa sector, as ongoing reforms seek to strengthen financial discipline and build a more sustainable value chain.
COCOBOD has maintained that the reforms are reshaping the sector and positioning cocoa as a long-term engine of shared prosperity for stakeholders. The cocoa sector is undergoing financial and structural reforms aimed at improving sustainability and strengthening the value chain. COCOBOD is targeting cocoa production of 683,000 metric tonnes for 2027, representing about 41.3% of the 2026 target.
Cocoa production for 2026 has reached 771,000 metric tonnes, exceeding COCOBOD's original target of 650,000 metric tonnes. This production performance is a positive outcome of the ongoing reforms in the sector. The establishment of Cocoa Capital PLC is expected to support the sector's growth and development.
The creation of Cocoa Capital PLC and the planned fundraising programme are significant steps towards achieving COCOBOD's goals. The programme will provide the necessary funding for the cocoa sector, enabling COCOBOD to implement its plans and achieve its production targets.
Key points
- COCOBOD establishes Cocoa Capital PLC to raise GH¢16.3bn for cocoa sector development
- Cocoa Capital PLC will be wholly owned by COCOBOD with an initial paid-up capital of GH¢5 million
- COCOBOD targets cocoa production of 683,000 metric tonnes for 2027
