The Ghana Cocoa Board (COCOBOD) has established a special-purpose financing vehicle, Cocoa Capital PLC, to support and supervise a planned GH¢16.3 billion domestic fundraising programme.

JOYBUSINESS understands that Cocoa Capital PLC was incorporated on August 7, 2026, under the Companies Act, 2019.

The company will be wholly owned by COCOBOD, with an initial paid-up capital of GH¢5 million.

Its principal purpose is to raise funds and apply the proceeds to approved cocoa-sector financing and refinancing activities.

The move is expected to give COCOBOD a dedicated vehicle to access the domestic capital market and raise funding under the Cocoa Notes Programme.

Breakdown of GH¢16.3bn programme

Cocoa Capital PLC plans to raise a total of GH¢16.3 billion.

Of this amount, GH¢14 billion will be raised through commercial papers, while GH¢2.3 billion will be raised through bonds.

The commercial papers could have maturities of up to 270 days, while the bonds could have a tenor of up to five years.

The short-term working capital programme is expected to be implemented in tranches.

The first tranche is targeted at GH¢4 billion, followed by another GH¢4 billion, with a final tranche of GH¢6 billion.

The timing and actual amounts to be raised will depend on COCOBOD’s funding requirements, market conditions and the applicable programme terms.

Absa, CalBank, Ficap Securities, GCB Bank PLC, One Africa Markets and Stanbic Bank will act as joint lead managers and bookrunners for the offer.

JOYBUSINESS understands that structures have been put in place to ensure proceeds from each issuance are used only for approved purposes under the programme.

Sources say the arrangement is also intended to provide additional assurance to investors that funds raised will be managed and deployed prudently.

COCOBOD officials have described the move as a new chapter for the cocoa sector, as ongoing reforms seek to strengthen financial discipline and build a more sustainable value chain.

COCOBOD has maintained that the reforms are reshaping the sector and positioning cocoa as a long-term engine of shared prosperity for stakeholders.

“This turnaround signals a cocoa sector that is more resilient, disciplined, and built to deliver value at every level,” it told investors.

Cocoa production outlook

JOYBUSINESS is also learning that COCOBOD is targeting cocoa production of 683,000 metric tonnes for 2027.

The target represents about 41.3% of the 2026 target.

Separately, cocoa production for 2026 has reached 771,000 metric tonnes, exceeding COCOBOD's original target of 650,000 metric tonnes.

The production performance comes as the cocoa sector undergoes financial and structural reforms aimed at improving sustainability and strengthening the value chain.