Ghana: GH¢4 billion owed to buyers complicates cocoa financing

Licensed cocoa buyers in Ghana say the Ghana Cocoa Board, COCOBOD, owes them nearly 4 billion cedis for purchases from the season just ended, only weeks before the 2026/27 season opens.

The Chamber of Cocoa Marketers warns that the arrears are making it harder to secure fresh financing to return to the field. COCOBOD acknowledges outstanding payments but rejects suggestions that it is unable to meet its obligations.

According to the Chamber, buying companies finance much of their operations with bank loans. Its chief executive, Victus Dzah, says some firms are paying interest rates of up to 40 % and are struggling to obtain new credit lines until earlier advances are repaid.

COCOBOD confirmed on September 16 that money remains due to licensed buying companies. Its head of public affairs, Jerome Kwaku Sam, said balances can remain outstanding at the end of a season and that the board had prioritised payments to farmers before settling its remaining obligations to buyers.

The regulator says it is preparing to meet the Chamber to review the outstanding amounts and financing arrangements for the new season. The talks come as COCOBOD gradually replaces its previous financing model with new mechanisms relying in part on the domestic market.

On September 1, COCOBOD said it had paid 2,306,202,372.09 cedis to bondholders affected by the domestic debt exchange. Its total mandatory payments under the programme in 2026 reached 2,682,582,282.18 cedis, after it settled 162 million cedis owed to holders of Cocoa Bills outside the exchange in July.