COCOBOD liabilities surge 47.5% as equity falls 57.9%
Ghana’s cocoa regulator faces mounting short-term obligations as inventories and payables rise, while plans emerge to restructure its debt and financing model.
GHANA – Ghana Cocoa Board (COCOBOD) saw its financial position weaken sharply, with liabilities rising faster than assets and equity falling by more than half, according to its management accounts.
COCOBOD’s total assets increased 25.8% to GH¢38.45 billion in June 2026, from GH¢30.56 billion (US$2.73B) a year earlier. However, liabilities climbed 47.5% to GH¢35.80 billion (US$3.2B) from GH¢24.27 billion (US$2.17B), while equity dropped 57.9% to GH¢2.65 billion (US$236.56B).
The deterioration coincides with a payment backlog affecting Ghana’s cocoa sector. COCOBOD owed cocoa farmers and licensed buying companies about GH¢3.4 billion in arrears as of July, according to separate reporting.
Trade and other payables, which include amounts owed to suppliers, nearly doubled to GH¢18.12 billion. Current liabilities also more than doubled, rising 117.7% to GH¢26.28 billion, compared with a 50.7% increase in current assets to GH¢23.53 billion.
The figures left COCOBOD with about 90 pesewas in current assets for every cedi of short-term liabilities, down from GH¢1.29 a year earlier.
Contract liabilities, typically representing advances from cocoa buyers, increased more than sixfold to GH¢6.01 billion from GH¢951.7 million. Inventories nearly tripled to GH¢7.79 billion, indicating higher holdings of cocoa beans alongside increased obligations to suppliers and buyers.
Retained earnings also deteriorated, moving from a negative GH¢818.6 million to a negative GH¢4.50 billion. Consequently, liabilities represented about 93% of total assets, compared with 79% a year earlier.
Long-term borrowing fell 21.6% to GH¢9.29 billion, providing some improvement. However, the decline was outweighed by the increase in short-term obligations.
The balance-sheet pressure comes as COCOBOD prepares to change how it finances cocoa purchases. The government plans to convert around GH¢5.8 billion of legacy debt owed to the Finance Ministry and Bank of Ghana into equity.
COCOBOD plans to raise around US$1 billion through domestic cedi bonds for the 2026/27 cocoa season, replacing offshore syndicated loans that have financed cocoa purchases for more than three decades.
The financing changes come as the Board manages payment obligations, inventories and funding requirements in Ghana’s cocoa sector.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
