Ghana Cocoa Board Settles GH¢2.3 Billion in Bond Obligations

The Ghana Cocoa Board paid approximately GH¢2.31 billion to bondholders affected by the Domestic Debt Exchange Programme (DDEP), completing its mandatory payment obligations for 2026. This settlement, combined with a GH¢376.3 million coupon payment made in March, brings the total 2026 payments to DDEP bondholders to roughly GH¢2.68 billion.

In addition to the DDEP settlements, the board paid GH¢162 million in July 2026 to Cocoa Bill holders who did not participate in the restructuring program, ending its outstanding obligations to that group. These actions were conducted under the guidance of the Ministry of Finance to rebuild investor confidence and ensure the long-term sustainability of the cocoa sector.

The DDEP was originally implemented as part of an IMF-backed program following a sovereign debt crisis that restricted Ghana's access to international capital markets. While the board has cleared its 2026 obligations, further payments remain scheduled for the next two years. To manage ongoing liquidity pressures and farmer payment arrears, the board plans to float 270-day commercial bonds to finance cocoa purchases over the next five years and service the remaining DDEP-related debt.