The Ghana Cocoa Board (COCOBOD) is working with the government and key players in the financial sector to develop an alternative financing approach designed to cut down the export of raw cocoa beans and increase local value addition in the industry.
The Chief Executive Officer of COCOBOD, Dr. Randy Abbey, revealed this during a press briefing, explaining that the proposed financing structure is intended to change the way the cocoa sector is funded. He said the model will encourage more domestic processing of cocoa and help improve earnings across the entire value chain.
Dr. Abbey also assured cocoa farmers who are yet to be paid for their produce that all outstanding payments will be settled by next week.
He explained that the new approach is aimed at moving Ghana away from the long-standing practice of selling cocoa mainly in its raw form to finance each cocoa season. Instead, the plan is to prioritise local processing, expand industrial capacity, and enable the country to retain greater value from its cocoa production.
Industry observers believe the initiative could reduce Ghana’s dependence on large syndicated loans traditionally used to fund cocoa purchases, while also creating room for new investment partnerships, both locally and internationally.
Dr. Abbey added that consultations with government officials and financial institutions are still ongoing, and full details of the funding framework will be made public once discussions are concluded.
The proposed model is part of broader reforms within the cocoa sector aimed at enhancing sustainability, raising farmer incomes, and strengthening Ghana’s position as a regional centre for cocoa processing and chocolate production.