Ghana Cocoa Board’s balance sheet expanded sharply in the third quarter ended June 2026, with its assets rising by nearly GH¢8 billion even as the amount it owed to creditors increased at a much faster pace.
The Board’s total assets increased by 25.8% to GH¢38.45 billion in June 2026, from GH¢30.56 billion a year earlier, according to its management accounts.
Over the same period, however, total liabilities increased by 47.5% to GH¢35.80 billion from GH¢24.27 billion.
The increase in liabilities was more than GH¢11.5 billion, compared with an increase of about GH¢7.9 billion in assets.
At the same time, the value of the Board’s equity, the amount left after its liabilities are deducted from its assets, fell by 57.9% from GH¢6.29 billion to GH¢2.65 billion.
Short-term obligations more than double
The sharpest increase was recorded in COCOBOD’s short-term obligations, with current liabilities rising by 117.7% to GH¢26.28 billion from GH¢12.07 billion in June 2025.
Trade and other payables, which include amounts owed to suppliers and other creditors, almost doubled from GH¢9.26 billion to GH¢18.12 billion.
That represents an increase of about GH¢8.86 billion, or 95.7%, over the period.
Contract liabilities also increased significantly, rising from GH¢951.7 million to GH¢6.01 billion, representing a 531.2% increase.
Together, trade and other payables and contract liabilities increased by almost GH¢14 billion during the period.
Current loans and borrowings also rose by 17.5% to GH¢2.10 billion.
Assets rise mainly on inventories
The increase in COCOBOD’s assets was concentrated largely in current assets, which rose by 50.7% to GH¢23.53 billion from GH¢15.61 billion.
Inventories recorded the largest increase, rising by 189.7% from GH¢2.69 billion to GH¢7.79 billion.
That means the value of inventories held by COCOBOD increased by about GH¢5.10 billion over the year.
Trade and other receivables also increased by 16.3% to GH¢11.59 billion from GH¢9.97 billion.
Cash and cash equivalents rose by 41.6% to GH¢3.84 billion from GH¢2.71 billion.
Despite the increase in current assets, they were below COCOBOD’s current liabilities at the end of June.
The Board had GH¢23.53 billion in current assets against GH¢26.28 billion in current liabilities, meaning it had about 90 pesewas in current assets for every GH¢1 it owed in short-term obligations.
A year earlier, it had about GH¢1.29 in current assets for every GH¢1 in current liabilities.
Equity falls as retained losses deepen
COCOBOD’s total equity declined by GH¢3.64 billion during the period, falling from GH¢6.29 billion to GH¢2.65 billion.
The main change came from retained earnings, which moved from a negative GH¢818.6 million in June 2025 to a negative GH¢4.50 billion in June 2026.
This represents a deterioration of about GH¢3.68 billion in the retained earnings position.
Capital contribution remained unchanged at GH¢3.70 billion, while the revaluation reserve also remained at GH¢3.40 billion.
The fair value reserve increased from GH¢3.6 million to GH¢40.2 million.
With total liabilities at GH¢35.80 billion and equity at GH¢2.65 billion, liabilities accounted for about 93% of COCOBOD’s total assets at the end of June 2026.
This compares with about 79% a year earlier.
Long-term borrowing declines
The accounts also show a decline in COCOBOD’s long-term borrowing during the period.
Non-current loans and borrowings fell by 21.6%, from GH¢11.84 billion in June 2025 to GH¢9.29 billion in June 2026.
Employee benefit obligations also declined by 19.9% to GH¢236.1 million, while lease liabilities fell by 99.8%.
The decline in long-term borrowings, however, occurred alongside the substantial increase in short-term obligations.
Overall, COCOBOD’s balance sheet grew by GH¢7.89 billion during the year, but liabilities increased by GH¢11.53 billion while equity declined by GH¢3.64 billion.
