COCOBOD returns to profit with US$453.6M net earnings in 2025
Ghana’s cocoa regulator posted a major financial turnaround as higher cocoa purchases and sales lifted revenue, restored positive equity and improved key profitability indicators.
GHANA – The Ghana Cocoa Board (COCOBOD) returned to profitability in 2025, recording a net profit of GH¢5.11 billion (US$453.6M) after posting a GH¢5.73 billion (US$508.66M) loss in 2024, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The turnaround was supported by higher cocoa purchases, export sales and domestic cocoa sales. COCOBOD’s operating revenue increased 207.67% from GH¢15.80 billion (US$1.40B) in 2024 to GH¢48.62 billion (US$4.32B) in 2025, while its operating position shifted from a GH¢4.07 billion (US$361.3M) loss to a GH¢6.17 billion (US$547.71M) profit.
COCOBOD purchased 597,377 tonnes of cocoa during 2025, an increase of about 33% from the 448,969 tonnes purchased in 2024.
The higher purchases supported growth in cocoa sales. Revenue from cocoa bean exports increased 194.19% from GH¢12.14 billion to GH¢35.70 billion, while domestic cocoa bean sales rose 252.28% from GH¢3.67 billion to GH¢12.92 billion.
Including non-operating income, total revenue increased from GH¢16.33 billion in 2024 to GH¢49.40 billion in 2025.
COCOBOD’s operating profit margin improved from negative 25.24% to 12.59%, while its net profit margin moved from negative 35.06% to 10.39%. Return on assets increased from negative 19.73% to 17.03%, while return on equity rose to 345.07%.
SIGA attributed the improvement partly to COCOBOD’s return to profitability and the movement of its equity position from negative to positive.
The Board’s cost-recovery ratio also increased from 89.30% in 2024 to 112.50% in 2025, indicating that revenue generated during the year was sufficient to cover operating costs and produce a surplus.
COCOBOD’s total equity moved from negative GH¢3.65 billion in 2024 to positive GH¢1.48 billion in 2025, representing a positive swing of about GH¢5.13 billion, largely reflecting the profit recorded during the year.
Total assets increased 3.39% from GH¢29.02 billion to GH¢30.01 billion, while non-current assets rose from GH¢14.56 billion to GH¢14.90 billion.
The Board’s current ratio improved from 0.72 times to 0.80 times, supported by a 69.82% increase in cash and cash equivalents and an 8.54% reduction in current payables.
COCOBOD ended the financial year with GH¢1.11 billion in cash and cash equivalents. However, its current ratio remained below one, meaning current assets were insufficient to fully cover short-term obligations.
SIGA warned that COCOBOD could therefore continue relying on operating cash flows to meet immediate commitments. Receivables also increased 5.63%, from GH¢8.67 billion to GH¢9.15 billion.
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