The Ghana Cocoa Board has paid GH¢162 million in full settlement of outstanding obligations to individual Cocoa Bill holders who declined to participate in the Domestic Debt Exchange Programme.
COCOBOD confirmed the payment in a statement dated July 15, 2026, bringing the delayed obligations to a close after investors’ funds remained inaccessible following the government’s domestic debt restructuring in 2023.
The Board asked affected beneficiaries to contact their respective fund managers to access the money. It said the settlement funds had been made available and that the outstanding liability had been cleared.
Cocoa Bills are short-term instruments associated with financing the cocoa sector. When the government introduced the Domestic Debt Exchange Programme, holders of eligible domestic instruments were asked to exchange them for new securities with revised interest rates and maturity periods.
Many institutional investors and banks participated in the exchange, while a number of individual Cocoa Bill holders retained their original instruments. The GH¢162 million payment concerns those individual investors who remained outside the programme.
COCOBOD attributed the payment delay to financial constraints following the economic conditions surrounding the debt restructuring. The Board said it had since mobilised enough resources to settle the obligations fully.
The announcement distinguishes payment by COCOBOD from the wider sovereign debt-exchange process. The liability arose from Cocoa Bills, and the settlement was communicated by the state cocoa regulator through its Public Affairs Department.
Beneficiaries are not being asked to enter a new exchange under the announcement. Instead, they have been directed to the fund managers through whom their holdings were administered so that the completed payment can reach them.
The statement did not provide a breakdown of the number of individual investors, the amounts held by each beneficiary or the timetable individual fund managers will use for disbursement. The total amount announced for the settlement is GH¢162 million.
The delayed funds affected people who had chosen to retain the terms of their original instruments rather than accept replacement securities. The settlement therefore resolves the stated principal obligation to that group after the extended wait.
COCOBOD said honouring legitimate debts formed part of efforts to restore confidence and strengthen its financial position. It also linked the settlement to the long-term sustainability of the cocoa industry, which depends on access to financing across purchasing, production and export operations.
The cocoa sector remains a major source of export revenue and supports farmers, licensed buying companies, processors and other businesses. COCOBOD’s financing position has consequently been closely connected to both national fiscal conditions and developments in international cocoa markets.
The July statement concerns investor obligations and does not alter the producer price paid to cocoa farmers. It also does not set new terms for future Cocoa Bills or announce a separate borrowing programme.
The immediate administrative step rests with fund managers and beneficiaries. Investors covered by the settlement have been asked to contact the institutions managing their holdings and confirm the process for receiving their share of the payment.
The Bank of Ghana and Securities and Exchange Commission regulate different parts of Ghana’s financial system, including institutions involved in investment administration. COCOBOD’s notice, however, is the operative confirmation that the money for the identified Cocoa Bill holders has been settled.
No further arrears for this group were disclosed in the statement. The latest official position is that COCOBOD has discharged the GH¢162 million obligation and affected investors may now seek payment through their fund managers.
