The Ghana Cocoa Board (COCOBOD) has settled coupon arrears worth GH¢2 billion owed to investors in its restructured cocoa bills, now converted into bonds under the Domestic Debt Exchange Programme (DDEP).
The payment, made on Monday, September 1, 2025, primarily covered obligations to commercial banks that were heavily exposed during the debt exchange exercise.
COCOBOD has also pledged to honour an additional GH¢1.9 billion in coupon payments due in 2026 and 2027, alongside the principal, without delays.
The conversion of short-term cocoa bills into longer-term bonds was arranged with the support of local banks acting as transaction advisors. Officials say the restructuring is part of broader efforts to strengthen COCOBOD’s finances, restore market confidence, and sustain timely funding for cocoa purchases.
Industry analysts note that the repayment improves COCOBOD’s credit standing and enhances its ability to access fresh financing at competitive rates ahead of the upcoming cocoa season. This, they add, could also improve Ghana’s overall investment climate by demonstrating stronger debt discipline.
COCOBOD Chief Executive, Dr. Randy Abbey, reaffirmed the institution’s commitment to financial stability, stressing management’s goal of placing COCOBOD on “a solid footing” by the end of the current administration’s first term.
In a related development, the Governor of the Bank of Ghana, Dr. Johnson Asiama, revealed that COCOBOD is expecting inflows of more than US$4 billion from buyers through a new pre-financing arrangement.
The facility, he explained, would finance cocoa purchases for the 2025/26 crop season while strengthening Ghana’s international reserves and supporting cedi stability.
With arrears cleared, reforms underway, and fresh inflows in sight, stakeholders say COCOBOD’s outlook appears to be stable, setting the stage for smoother operations in one of Ghana’s most critical export sectors.
