The Ghana Cocoa Board (COCOBOD) has paid GH¢162 million to individual Cocoa Bill holders who were left out of the government’s Domestic Debt Exchange Programme (DDEP), bringing to an end a long-standing debt obligation that had raised concerns among investors.
In a statement issued on Wednesday, July 15, COCOBOD said the payment represents the full settlement of all outstanding amounts owed to affected investors who did not participate in the DDEP but had experienced delays in receiving their funds due to the Board’s financial challenges.
“The Board has now fully settled these obligations as part of its commitment to honour all legitimate debts,” the statement said.
The Board has advised all beneficiaries to contact their respective fund managers to access their payments.
The settlement is expected to ease concerns that emerged after the implementation of the DDEP in 2023, when some individual Cocoa Bill holders were left waiting for repayments. The delays had raised questions about investor confidence, liquidity management and COCOBOD’s overall financial position.
Cocoa Bills have long served as an important short-term financing instrument for cocoa purchases and other operations within Ghana’s cocoa sector. As a result, the repayment is seen as more than just the settlement of GH¢162 million. It also signals COCOBOD’s efforts to clear legacy obligations and restore credibility with investors.
The delayed payments had placed many individual investors in a difficult position, particularly those who had expected to be repaid outside the debt exchange programme. By settling the outstanding amounts, COCOBOD hopes to remove uncertainty surrounding this category of arrears and strengthen confidence in its financial commitments.
The Board also expressed appreciation to the affected investors for their patience and understanding throughout the period of delayed payment. It reaffirmed its commitment to improving its financial position, restoring investor confidence and supporting the long-term sustainability of Ghana’s cocoa industry.
The payment comes at a time when Ghana’s cocoa sector continues to face significant challenges, including financing constraints, declining production, illegal mining, climate-related pressures and the need to improve farmer incomes.
While the settlement marks an important step towards rebuilding trust, industry observers say sustained financial discipline and timely repayment of future obligations will be key to restoring confidence in cocoa-related investment instruments.
For now, COCOBOD maintains that all outstanding obligations to the affected non-DDEP Cocoa Bill holders have been fully settled, sending a positive signal to investors, financiers and other stakeholders whose confidence remains critical to the future of Ghana’s cocoa industry.
