COCOBOD settles US$204.4M DDEP bebt
The latest payment brings COCOBOD’s total DDEP-related settlements in 2026 to GH¢2.683 billion and concludes outstanding obligations to non-participating Cocoa Bill holders.
GHANA – Ghana’s state cocoa regulator, the Ghana Cocoa Board (COCOBOD), has settled GH¢2.3 billion ($204.44 million) owed to holders of bonds affected by the government’s 2023 Domestic Debt Exchange Programme (DDEP).
The DDEP was introduced in 2023 as part of Ghana’s debt restructuring under an IMF-backed programme after the country’s sovereign debt crisis restricted access to international capital markets.
The programme involved exchanging local government securities, including bonds and COCOBOD bills used to finance annual cocoa purchases from farmers, for longer-maturity instruments with lower coupon payments.
COCOBOD said the latest settlement was made to meet its financial obligations and strengthen the financial sustainability of Ghana’s cocoa sector.
The payment follows a GH¢376.3 million coupon payment made in March 2026, bringing COCOBOD’s total payments to DDEP bondholders during 2026 to GH¢2.683 billion.
The latest settlement comes as the government and state-owned institutions continue efforts to restore financial stability and rebuild investor confidence following the implementation of the debt exchange programme.
COCOBOD also confirmed that it has fully settled its obligations to holders of Cocoa Bills who did not participate in the DDEP.
In July 2026, the Board paid GH¢162 million to non-DDEP Cocoa Bill holders, bringing its outstanding obligations to that group to an end.
COCOBOD said the payments form part of efforts to regularise its debt obligations and improve the financial position of the cocoa sector.
“Taken together, these payments demonstrate the Board’s commitment to responsible financial management and the systematic settlement of its financial obligations as part of the broader effort to strengthen the financial sustainability of Ghana’s cocoa sector, under the guidance of the Ministry of Finance,” COCOBOD said in a statement.
The debt settlements come as COCOBOD implements other measures to strengthen its finances and meet obligations to investors and stakeholders in the cocoa industry.
The Board recently barred Licensed Buying Companies (LBCs) from purchasing cocoa beans from farmers on credit and warned that companies breaching the directive could lose their operating licences.
COCOBOD is also preparing to overhaul the financing model for cocoa purchases, with the new system expected to provide liquidity for crop purchases and related operations during the 2026/27 season.
The reforms form part of the proposed Ghana Cocoa Board Bill 2026. According to Abbey, the legislation guarantees cocoa farmers 70% of gross FOB value and allows producer prices to be adjusted during the season in line with market indicators.
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