COCOBOD Settles GH¢2bn Coupon Payments to Investors of Restructured Cocoa Bills

The Ghana Cocoa Board (COCOBOD) has settled coupon payments totaling GH¢2 billion to investors holding its restructured cocoa bills.

Joy Business understands the payments were made on Monday, September 1, 2025, following the conversion of cocoa bills into bonds under the Domestic Debt Exchange Programme (DDEP).

The restructuring, which primarily affected commercial banks, saw the short-term cocoa bills transformed into longer-tenor bonds. Sources indicate COCOBOD has also assured investors it will honor additional coupon payments of about GH¢1.9 billion due in 2026 and 2027, along with the principal, on schedule.

The new arrangement was facilitated by local banks acting as transaction advisors. In recent months, COCOBOD has been working to clean its balance sheet, settle outstanding debts, and strengthen its financial position to sustain cocoa purchases.

According to market analysts, the restructuring could improve COCOBOD’s creditworthiness and help it secure new financing at more favorable rates, ultimately enhancing its capacity to purchase cocoa beans for the next crop season.

COCOBOD Chief Executive, Dr. Randy Abbey, told Joy Business that management is committed to restoring the institution’s financial stability before the end of the administration’s first term.

Meanwhile, the Governor of the Bank of Ghana, Dr. Johnson Asiama, revealed that COCOBOD is expecting over $4 billion in inflows from buyers under a new pre-financing deal. The inflows are expected to support cocoa purchases for the upcoming crop season and boost Ghana’s international reserves, thereby contributing to cedi stability.