The Ghana Cocoa Board (COCOBOD) has disbursed GH¢2 billion in coupon payments to investors holding its restructured cocoa bills, now classified as bonds.
The payments were made on Monday, September 1, 2025, marking a significant step in the institution’s ongoing efforts to rebuild market confidence.
The reclassification of cocoa bills into bonds followed the Domestic Debt Exchange Programme (DDEP), a process that mainly impacted commercial banks.
Sources close to the transaction reveal that COCOBOD has assured investors of timely settlement of coupon payments worth GH¢1.9 billion due in 2026 and 2027, as well as repayment of the principal. Local banks acted as transaction advisors to facilitate the restructuring.
COCOBOD, in recent months, has embarked on aggressive measures to clean its balance sheet, settle arrears, and restore financial stability in order to support cocoa purchases. Industry watchers say these moves are already yielding results, particularly in clearing debts owed to suppliers.
Analysts believe the restructuring could enhance COCOBOD’s ability to secure fresh capital at lower borrowing costs, bolstering its purchasing power for the next crop season while improving its credit profile.
Meanwhile, Governor of the Bank of Ghana, Dr. Johnson Asiama, disclosed that COCOBOD is expecting over $4 billion in inflows from international buyers under a new pre-financing arrangement.
This deal is projected to not only fund upcoming cocoa purchases but also strengthen Ghana’s foreign reserves and support the stability of the cedi.
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