Ghana raised 3.396 billion cedis through the first commercial paper issued on 5 October by Cocoa Capital on behalf of the Ghana Cocoa Board. Details presented at a ceremony on 14 October indicated roughly 3.59 billion cedis in offers received, at an annual yield of 11% and with maturity set for 28 June 2027.
The amount retained represents close to 85% of the indicative target of 4 billion cedis. COCOBOD announced on 14 October a total of offers rounded to 3.59 billion. According to details reported the same day by MyJoyOnline and 3News, investors offered 3.586 billion cedis, of which 3.396 billion were accepted. The offers received therefore also remained below the indicative target. The final yield was at the top of the initial range of 10.5% to 11%.
The funds are to finance cocoa bean purchases for the 2026-2027 season by providing liquidity to licensed companies that collect cocoa from farmers. The Ghanaian season opened on 25 September, in a sector where financing delays disrupted payments in previous seasons.
Cocoa Capital, a wholly owned subsidiary of COCOBOD, was set up in August to gradually replace the historical reliance on syndicated loans in foreign currency. That arrangement had been interrupted during the 2023-2024 season. A subsequent attempt at pre-financing by international traders had also failed to ensure a regular flow of liquidity.
The issue is part of a domestic programme that could reach up to 16.3 billion cedis. COCOBOD plans to raise 14 billion through commercial paper for seasonal needs and 2.3 billion through medium- or long-term bonds to refinance older debts. Repayments are to be backed by revenue from cocoa forward sales contracts paid into dedicated accounts.
The first note has a term of 266 days, slightly shorter than the 270 days initially envisaged. Further tranches are announced for the season, but their timing and amounts will depend on purchasing needs and local market conditions.