Figures from the Auditor General Reports indicate that Ghana Cocoa Board made a GH¢2.3 billion profit in 2022/23, due to the restructuring of its debt.
This is the first profit after six straight years of losses.
Ghana has been restructuring its $30 billion debt, including debt from the cocoa sector, to be able to implement a $3 billion, three-year International Monetary Fund program and recover from its worst economic crisis in a generation.
Last Month, Ghana restructured a $13 billion debt with Eurobond holders. This followed a domestic debt programme in 2023 in which bonds, including cocoa bills, and securities issued to meet the short-term liquidity needs of Cocobod were exchanged for long-dated instruments at lower yields.
Deputy Chief Executive of COCOBOD, Ray Ankrah said the recovery was largely on the back of the debt restructuring. He said surging global cocoa prices, increased bean sales, stabilised the currency and managed its cost.
The audit report said Cocobod’s revenue increased by 41.7% to 17.7 billion cedi in 2023 due to increased cocoa bean sales. It said Cocobod would still struggle to meet its short-term financial obligations as it lacked sufficient liquidity.
Prices have more than doubled this year on account of disastrous harvests in Ghana and Ivory Coast, which traditionally produce 60% of the world’s cocoa.
Source: REUTERS
