Cocoa industry firms in Ghana and Nigeria tap domestic capital markets

Major cocoa industry players in West Africa are utilizing domestic capital markets to fund procurement and processing operations.

In Ghana, Cocoa Capital PLC has launched a GH¢16.3 billion financing programme, consisting of GH¢14 billion in commercial paper and GH¢2.3 billion in bonds. The inaugural 266-day commercial paper raised approximately GH¢3.396 billion, attracting GH¢3.586 billion in bids from domestic institutional investors. While the Ghana Association of Banks welcomed the initiative to reduce reliance on external borrowing, industry leaders cautioned that success depends on financial discipline, transparency, and the ability to manage risks related to fluctuating international cocoa prices.

In Nigeria, Sunbeth Global Concepts Limited announced plans to raise up to N150 billion through its approved N500 billion Commercial Paper Issuance Programme. The funds are intended to finance cocoa procurement for the 2026/27 season and support working capital for its processing facility, which is expected to begin operations in March 2027. The company intends to issue the paper in tranches with tenors of 180, 270, and 364 days.