The Ghana Cocoa Board (COCOBOD) has settled a long-standing financial burden, paying out a total of GH¢162 million in full settlement of outstanding obligations to individual holders of Cocoa Bills who chose not to participate in the government’s Domestic Debt Exchange Programme (DDEP).
According to a press release issued by the Board’s Public Affairs Department dated July 15, 2026, this brings to an end months of anxiety for individual investors whose funds had remained locked up since the implementation of the government’s sovereign debt restructuring exercise in 2023.
The DDEP, introduced by the Ministry of Finance to restructure Ghana’s domestic debt, required bondholders to exchange their existing instruments for new ones with lower interest rates and extended maturities. While the majority of institutional investors and banks participated, a significant number of individual Cocoa Bill holders opted out, choosing to retain their original instruments.
According to COCOBOD, the delay in paying these non-participating holders was a direct result of the Board’s own financial constraints following the economic shocks that rocked the country in the aftermath of the debt exchange. However, the regulator has now managed to marshal sufficient resources to clear the arrears completely.
In the statement, COCOBOD urged all affected beneficiaries to immediately contact their respective fund managers to access their payments. The Board reassured the public that it had the funds available and that the settlement process had been completed without any further hurdles.
“The Board has now fully settled these obligations as part of its commitment to honour all legitimate debts,” the Public Affairs Department stated. “Beneficiaries are advised to contact their respective fund managers to access their payments.”
The development is being hailed within the investment community as a major step toward restoring confidence in Ghana’s capital markets and the state-owned cocoa regulator. For nearly two years, many individual investors, most of whom are pensioners, small-scale traders, and middle-income savers who rely on the Treasury bills for steady income, had faced severe financial distress as their funds remained trapped.
By clearing this GH¢162 million liability, COCOBOD is not only resolving a legal and financial obligation but also signaling a return to robust fiscal discipline. The Board expressed appreciation to the affected investors for their patience and understanding throughout the prolonged period of uncertainty.
“COCOBOD remains committed to restoring confidence, strengthening its financial position, and ensuring the long-term sustainability of Ghana’s cocoa industry,” the statement added.
The successful settlement comes at a critical time for the cocoa sector, which remains a backbone of the Ghanaian economy. Industry watchers believe this move will enhance the Board's credibility with international financial institutions and its trading partners, as it demonstrates a clear commitment to honoring its contractual obligations despite macroeconomic headwinds.
Meanwhile, the Bank of Ghana and the Securities and Exchange Commission are expected to monitor the payout process closely to ensure that fund managers seamlessly disburse the funds to the individual Cocoa Bill holders without further administrative bottlenecks.
