Cocoa Capital PLC, a Special Purpose Vehicle (SPV) established under the Ghana Cocoa Board’s (COCOBOD) domestic funding model, has officially launched a monumental GH¢16.30 billion bond and note programme on the Ghana Stock Exchange (GSE).
The landmark deal, comprising GH¢14 billion in commercial paper and GH¢2.30 billion in bonds, represents a strategic shift toward mobilizing domestic capital to finance cocoa purchases for the 2026/27 crop season while curbing reliance on external foreign-currency borrowing.
The inaugural issuance has already demonstrated strong market appetite, drawing approximately GH¢3.59 billion in investor bids at an interest rate of 11% per annum.
Speaking at the launch ceremony in Accra on Wednesday, October 14, 2026, the Chief Executive of COCOBOD, Dr. Randy Anertey Abbey, characterized the programme as a defining milestone in the evolution of the country’s agricultural financing architecture.
“This initiative represents a defining moment in the evolution of Ghana’s cocoa financing framework,” Dr. Abbey stated. “It broadens our financing options, mobilizes domestic resources, and establishes a strong connection between Ghana’s fixed-income market and the cocoa industry.”
Dr. Abbey emphasized that the initiative forms part of broader government reforms designed to revitalize the cocoa sector, improve farmer livelihoods, enhance value addition, and ensure financial sustainability. He assured stakeholders that strict oversight would govern the disbursement of the capital.
“The long-term success of this programme will depend on proper financial management, effective governance, and the productive use of the funds raised,” Dr. Abbey added. “We are fully committed to ensuring that every cedi realized through this issuance is used strictly for its intended purpose.”
Echoing those sentiments, the Board Chairman of Cocoa Capital PLC, Mr. John Awuah, explained that the SPV was engineered to deliver long-term structural stability to the sector’s liquidity requirements rather than acting merely as a short-term fix.
“This initiative goes far beyond raising funds for the immediate cocoa purchasing season,” Mr. Awuah said. “The SPV has been established to provide a structured, enduring financing mechanism capable of addressing the sector’s funding requirements while maintaining the highest standards of transparency and accountability.”
Mr. Awuah acknowledged the critical role of market confidence in sustaining the programme over time, thanking transaction advisors and initial subscribers for their backing.
“The ultimate success of this programme hinges on disciplined execution and our firm ability to meet all financial obligations,” Mr. Awuah noted. “We extend our deepest appreciation to our investors and transaction partners for their overwhelming confidence in this inaugural issuance.”
The domestic banking sector also voiced strong backing for the capital market mechanism. The President of the Ghana Association of Banks, Mr. Kwamina Asomaning, highlighted the strategic importance of aligning local financial institutions with national economic priorities.
“This initiative highlights the crucial importance of collaboration among banks, capital markets, and domestic investors in financing the productive sectors of our economy,” Mr. Asomaning remarked. “Timely financing will not only support cocoa purchases on the ground, but it also strengthens the vital link between domestic savings and local economic activity.”
Representatives from the Securities and Exchange Commission (SEC), the Ghana Stock Exchange, banking partners, transaction advisors, and institutional investors attended the event. GSE officials commended the initiative as a benchmark model for leveraging domestic capital markets to drive critical national development projects.
