Cocoa Capital PLC, a wholly owned subsidiary of the Ghana Cocoa Board (COCOBOD), is raising up to GH¢16.3 billion through a Domestic Cocoa Notes Programme to support cocoa purchases and strengthen the financial position of the cocoa sector.

Under the programme, GH¢14 billion will be raised through Commercial Paper (CP) to meet short-term liquidity requirements for cocoa purchases during the 2026/27 crop season.

The remaining GH¢2.3 billion will be raised through medium-to-long-term bond issuances to refinance existing COCOBOD legacy debt.

Cocoa Capital said the programme forms part of the government’s cocoa sector reset agenda.

It said the programme “introduces a more sustainable financing model that will support timely cocoa purchases, address legacy obligations and strengthen the sector for the future.”

Cocoa Capital has secured approval from the Securities and Exchange Commission (SEC) to raise the funds through the domestic debt capital market.

The Commercial Paper will be issued in tranches in the coming weeks, depending on funding requirements for cocoa purchases and market conditions.

Repayment obligations under the programme will be supported by receivables from selected executed cocoa forward sales contracts assigned to Cocoa Capital.

According to the company, proceeds from the contracts will flow through designated ring-fenced accounts held with appointed account banks and will be applied in line with the programme’s payment waterfall.

“Further details of each issuance will be announced in due course,” Cocoa Capital said.

The bookrunners for the programme are Absa Bank Ghana Ltd, Cal Bank PLC, Fincap Securities Ltd, GCB Bank PLC, One Africa Securities Ltd and Stanbic Bank Ghana Ltd.