Pension Funds, Banks and Buyers to Drive COCOBOD’s New Financing Model
The Ghana Cocoa Board (COCOBOD) says it is reshaping how Ghana’s cocoa crop is financed, with pension funds, commercial banks, international buyers and other value chain stakeholders identified as the key drivers of a new locally financed model ahead of the 2026/2027 season.
The Board says it has made significant progress toward launching the mechanism through the issuance of commercial paper, a move that will replace the long-standing syndicated loan arrangement that has financed the crop for decades.
Speaking at the Ghana–UK Investment Summit in London, Deputy Chief Executive for Finance & Administration Ato Boateng revealed that the new structure is designed to keep more value within Ghana while improving the efficiency of crop financing.
According to Boateng, the shift to local currency financing through commercial paper is expected to deepen domestic participation, cut borrowing costs, and strengthen the long-term sustainability of the cocoa sector.
By involving pension funds and banks, COCOBOD is opening the sector to Ghanaian institutions, while the inclusion of international buyers and other value chain players ties financing more closely to actual offtake and reduces risk.
The 2026/2027 cocoa season opens later this year. COCOBOD is yet to announce the size and timing of the first commercial paper issuance, but officials say the groundwork for the transition is well advanced.
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