The Government of Ghana is planning to issue a GH₵30 billion domestic bond to support the Ghana Cocoa Board (COCOBOD) as part of broader efforts to stabilize the cocoa sector and reduce reliance on international borrowing.
The revelation was made by Atta Issah, a member of Parliament’s Finance Committee, during an interview on Citi Newson Thursday, February 19, 2026. He explained that the funds will be raised through a syndicated domestic bond issuance and are intended to strengthen COCOBOD’s working capital for the upcoming crop season.
“If you look at the working capital, it is the forces or the drivers of operational funding. So, if the Bank of Ghana and the Ministry of Finance are equity shareholders, they make contributions,” Mr. Issah said, underscoring the collaborative nature of the initiative.
Shift from International to Local Financing
According to Mr. Issah, the bond issuance forms part of a strategic shift towards domestic financing mechanisms. He noted that international markets often impose unfavorable terms, prompting the government to pivot to local capital markets a model successfully adopted by peers such as Ivory Coast.
“The government is also of the view that we cannot continue to rely on the international market, which is often not favorable to Ghana,” he said. “As a result, the government is providing guarantees to ensure the issuance of syndicated domestic bonds.”
Sector analysts say the domestic bond strategy could deepen Ghana’s financial markets while providing a more sustainable avenue for financing critical agricultural inputs. Other recent fiscal moves — including the GH¢10 billion interest payment on domestic debt under the Domestic Debt Exchange Programme (DDEP) — have signaled improving fiscal capacity and investor confidence.
COCOBOD’s Internal Reforms
Amid financing discussions, COCOBOD has also taken measures to tighten its internal finances. The board announced that its directors have agreed to forgo sitting allowances for the remainder of the 2025/26 cocoa season as part of ongoing reform efforts.
In a public statement, the board said the decision reflects its commitment to prudent financial management, shared sacrifice, and responsible leadership as the institution navigates sector challenges. It stressed that the step aligns with broader objectives to enhance efficiency, promote accountability, and safeguard the livelihoods of cocoa farmers nationwide.
COCOBOD further pledged to maintain collaborative engagements with the government and key stakeholders to ensure a resilient and sustainable cocoa industry.