The Ghana Cocoa Board (COCOBOD) has incorporated a new subsidiary, Cocoa Capital PLC, to raise funds for cocoa-sector financing under a planned GHC16.3 billion domestic fundraising programme. Cocoa Capital PLC was incorporated on August 7, 2026, under the Companies Act, 2019, and is wholly owned by COCOBOD. The company is intended to provide greater assurance that funds raised under the programme will be managed and used strictly for their approved purposes.
With an initial paid-up capital of GHC5 million, Cocoa Capital PLC will be responsible for raising and deploying funds for approved cocoa-sector financing and refinancing activities. The new financing vehicle is expected to give COCOBOD access to the domestic capital market through its Cocoa Notes Programme. Under the programme, Cocoa Capital plans to raise GHC14 billion through commercial papers and a further GHC2.3 billion through bonds.
The commercial papers will have maturities of up to 270 days, while the bonds may have tenors of up to five years. The short-term working capital component will be issued in three tranches, comprising an initial GHC4 billion, a second GHC4 billion and a final GHC6 billion. The timing and size of each issuance will, however, depend on COCOBOD’s funding requirements, prevailing market conditions and the terms of the programme.
Absa, CalBank, Ficap Securities, GCB Bank PLC, One Africa Markets and Stanbic Bank have been appointed as joint lead managers and bookrunners for the programme. Cocoa Capital has also put measures in place to ensure that proceeds from each issuance are restricted to approved financing purposes.
COCOBOD says the financing arrangement is designed to ensure that funds raised are managed and utilised in line with the programme’s objectives. According to the cocoa regulator, the initiative is part of wider sector reforms aimed at enhancing financial discipline and strengthening the long-term sustainability of the cocoa value chain. The reforms are intended to position the industry for sustained growth and increased value creation for stakeholders.
As part of its outlook, COCOBOD is targeting cocoa production of 683,000 metric tonnes in 2027, representing a 41.3% decline from the 2026 target. Despite this, cocoa output for 2026 has reached 771,000 metric tonnes, surpassing the initial target of 650,000 metric tonnes. The production gains come amid ongoing financial and structural reforms focused on improving the resilience and sustainability of the cocoa sector.
