Cocoa Capital admits GH¢3.40bn commercial paper to Ghana market

Cocoa Capital PLC, a special-purpose financing company wholly owned by the Ghana Cocoa Board (COCOBOD), has admitted GH¢3.40bn of commercial paper to the Ghana Fixed Income Market. This marks the first completed issuance under a broader GH¢16.3bn domestic cocoa financing programme.

The senior unsecured fixed-rate commercial paper, issued on October 5, 2026, carries an interest rate of approximately 11 per cent and is set to mature on June 28, 2027. The allotment of GH¢3,395,783,000 represents about 84.9 per cent of the GH¢4bn initially sought for this first tranche.

The funds are intended to support the 2026/27 cocoa season, specifically to finance Licensed Buying Companies (LBCs) that purchase beans directly from farmers. This domestic fundraising effort aims to reduce reliance on international financing mechanisms. The wider programme includes GH¢14bn in short-term commercial paper for cocoa purchases and GH¢2.3bn in medium- to long-term bonds for debt refinancing.