The Ghana Cocoa Board (COCOBOD) plans to raise $1.4 billion from domestic investors to finance cocoa purchases for the 2026/2027 season, moving away from its usual practice of borrowing internationally. The figure is about GH¢16.3 billion and signals a deliberate change in how Ghana’s cocoa sector secures funding.
Ato Boateng, COCOBOD’s Deputy CEO in charge of Finance and Administration, said the decision was driven by lessons learned from past financing models. He told Channel One TV’s The Point of View on September 28, 2026, that the board was not forced out of international markets but chose a different path.
“Since I took this position over 18 months ago, I’ve had a lot of international banks coming to Cocoa Board to talk about Cocoa Board re-entering the market at the international level… It is not that we are forced out of the market. Yes, we had a crisis that pushed us out of the market. But beyond the crisis, they came back. And then, given what we also saw, we changed strategy,” Boateng said.
He expressed frustration with some international financiers who had abandoned COCOBOD during its financial difficulties only to reappear later. “I don’t like fair-weather friends. You don’t run away from Cocoa Board when we have difficulties, and then when we have weathered those difficulties, then you show up,” he said.
COCOBOD previously relied heavily on international borrowing, including a buyer-financed model where international cocoa buyers provided funds to licensed buying companies to purchase beans from farmers. This model left the cocoa purchasing system vulnerable to international market shifts.
“When the prices dropped, these international guys moved away from Ghana. They stopped funding the beans. And then they created the problem that we saw,” Boateng explained.
The collapse of COCOBOD’s syndicated loan arrangement with international banks during the 2023/2024 cocoa season and the failure of a separate pre-financing deal with international trading houses last season prompted the board to rethink its approach.
Following these setbacks, COCOBOD presented its financing strategy to the Ministry of Finance, which then took it to Cabinet. Cabinet approved the move to seek domestic funding.
COCOBOD’s operating revenue increased significantly from GH¢15.8 billion in 2024 to GH¢48.6 billion in 2025. Its net profit margin also improved from a negative 35.1% to 10.4% over the same period.
The new domestic financing will support cocoa purchases in the upcoming season, help settle outstanding debts, and provide more stability for the sector’s funding.
Boateng questioned why COCOBOD should rely on international financiers who could not be counted on during tough times. “Why would I place my financial strategy on boys and girls that I cannot really rely on?” he asked.
This shift reflects a broader reconsideration of how Ghana funds its cocoa industry, moving toward greater self-reliance after years of unstable international partnerships.
According to Joy Online.
