Licensed cocoa buying company, Federated Commodities PLC (FEDCO) has successfully raised GH₵72.5 million through the Ghana Stock Exchange’s (GSE) Ghana Fixed Income Market (GFIM), becoming the first corporate entity in Ghana to issue a Commercial Paper under a new financing programme launched in 2024.
The transaction represents the first tranche of a GHS 200 million capital raise to finance FEDCO’s cocoa purchasing operations for the upcoming season. The move is a bold step by the company to diversify its financing sources and boost liquidity in a strategic bid to support its business expansion.
Speaking at the launch event in Accra, Managing Director of FEDCO, Maria Adamu-Zibo, described the issuance as a powerful signal of the company’s faith in Ghana’s capital markets. “Issuing the first-ever Commercial Paper on the Ghana Fixed Income Market is more than a financial milestone — it’s a statement of faith in Ghana’s capital markets and a reaffirmation of our commitment to the people and communities we serve,” she said.
The GSE Managing Director, Abena Amoah, hailed the move as a major milestone in Ghana’s capital market history. “This landmark issuance underscores the effectiveness of the Commercial Paper Market in providing businesses with alternative short-term financing opportunities,” she said. “It is not just about raising funds — it is about building trust, transparency, and expanding the base of investors who are willing to back real sector growth.”
She further commended all institutions involved in making the transaction possible, including First Atlantic Bank Ghana Limited, First Atlantic Brokers Limited, Deloitte Ghana, G.A. Sarpong & Co, Glico General, GCB Bank PLC, the Central Securities Depository (CSD), and Beacon Ratings.
John Awuah, CEO of the Ghana Association of Banks, who was the Special Guest of Honour, described the transaction as a critical test case for the viability of commercial paper instruments in Ghana. “Honouring payment obligations will be essential in building and sustaining investor trust in these instruments,” he cautioned.
The Director-General of the Securities and Exchange Commission, Dr. James Klutse Avedzi, reiterated the regulator’s commitment to fostering market confidence and ensuring compliance. He assured stakeholders of SEC’s ongoing collaboration with the GSE, CSD, and market intermediaries to strengthen Ghana’s capital markets.
Launched in 2024, Ghana’s Commercial Paper Market is designed to offer companies a flexible, short-term capital raising alternative. FEDCO’s successful debut on the platform signals growing corporate interest in such instruments and reflects growing investor appetite for credible, high-impact investment opportunities in Ghana.
The GSE says more corporate issuers are expected to follow FEDCO’s lead in the coming months as part of efforts to deepen domestic capital markets and reduce dependency on traditional bank financing.
