A financing special-purpose vehicle established by the Ghana Cocoa Board (COCOBOD)
Cocoa Capital PLC
A dedicated financing special-purpose vehicle established by the Ghana Cocoa Board, raising capital through Commercial Paper and Bonds for approved cocoa-sector financing and refinancing under a programme of up to GHS 16.3 billion.
Maximum programme size
15–270 calendar days
Series and tranches
Ghana Fixed Income Market
Announcements
Official issuance notices and press statements.
Issuance
Cocoa Capital PLC is issuing Commercial Paper under its GHS 16.3 billion Note Programme, sponsored by the Ghana Cocoa Board. The paper has a tenor of 270 days, matures in June 2027, and carries a minimum bid of GHS 50 thousand. The bookbuild opens at 9:00am on Monday 28 September 2026.
Read morePress Release
Cocoa Capital PLC, a wholly owned subsidiary of the Ghana Cocoa Board, is raising up to GHS 16.3 billion through the Domestic Cocoa Notes Programme to support cocoa purchases. GHS 14 billion will be issued as Commercial Paper for the 2026/27 crop season, and GHS 2.3 billion through medium-to-long-term bonds to refinance existing legacy debt.
Read moreCocoa Capital PLC is a special-purpose vehicle incorporated as a public limited company in Ghana. It was established by the Ghana Cocoa Board (COCOBOD), which is its sole shareholder and sponsor, for the single purpose of raising financing for approved cocoa-sector funding requirements and administering the related payment, reporting and compliance obligations.
Cocoa Capital PLC does not trade cocoa, manage investment portfolios, provide funding to customers or accept deposits.
Issues Commercial Paper and Bonds in Series and Tranches under the Note Issuance Programme, listed on the Ghana Fixed Income Market.
Receives and applies issue proceeds through designated controlled accounts, only for approved programme purposes.
Administers the assigned cocoa receivables and debt service arrangements from which amounts due under the Notes are paid.
Purpose of the Programme
Proceeds are applied only for the two approved financing purposes.
Commercial Paper proceeds support payments relating to cocoa beans delivered by Licensed Buying Companies, providing seasonal financing aligned with Ghana’s cocoa purchasing cycle.
Learn moreRelevant Bond proceeds may be used to refinance approved COCOBOD legacy obligations, supporting a more sustainable domestic capital-market funding structure.
Learn moreHow the Programme works
Investors
Subscribe to Notes under the Programme
Cocoa Capital PLC
Issues Notes in Series and Tranches
Subscription Accounts
Proceeds received into designated accounts
Commercial Paper
Cocoa purchase financing
Bonds
Approved refinancing purposes
COCOBOD
Approved cocoa-sector financing applications
Cocoa Sales
Assigned Receivables
Collections / Escrow Accounts
Debt Service Accounts
Trust / Paying Agent
Noteholders
A structured framework
Investor protection mechanisms under the programme — not guarantees of repayment.
Repayments are primarily funded through assigned cocoa receivables arising from cocoa sales.
Proceeds and collections are routed through designated subscription, utilisation, collections and escrow accounts.
Debt service accounts and coverage requirements support orderly payment of amounts due under the Notes.
A trustee provides oversight of programme structure and investor protection mechanisms.
Independent agents calculate amounts due and facilitate payments to Noteholders in accordance with the programme.
Each series or tranche is governed by an Applicable Pricing Supplement setting out commercial terms and conditions.
Investor information
Programme parties
Institutional service providers grouped by responsibility.
Corporate Manager
Joint Lead Managers
Reporting Accountant
