Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that the Ghana Cocoa Board (COCOBOD) is expecting inflows of more than $4 billion before the close of this year.
He noted that the funds will come through a new financing arrangement introduced by COCOBOD to support cocoa purchases for the 2025/26 crop season.
Speaking in an interview with Joy Business, Dr. Asiama said the anticipated inflows would bolster the central bank’s reserves and enhance its ability to stabilise the local currency in the weeks ahead.
“This development should send a strong signal to the market that the Bank of Ghana is well-positioned to intervene when necessary to meet the demands of businesses and commercial banks,” he remarked.
The Bank’s Economic and Financial Data as of July 2025 put Ghana’s international reserves at $11.1 billion.
COCOBOD’s new funding model
In 2023, COCOBOD abandoned the pre-export syndicated loan facility it had relied on for more than three decades, replacing it with a new funding model for cocoa bean purchases.
Under the arrangement, global buyers are required to deposit at least 60 percent of the value of their forward contracts at the beginning of each season. The deposits, channelled through licensed cocoa buying companies (LBCs), are used to finance purchases from farmers, with COCOBOD serving as an intermediary.
Cedi outlook
Dr. Asiama maintained that the expected inflows, coupled with the BoG’s policy measures, point to a favourable outlook for the cedi despite recent currency pressures.
“As regulator, we have taken the needed actions to ensure that things do not get out of hand,” he assured.
He further stressed that the country’s macroeconomic indicators remain solid. “Our net international reserves have not run out, and all the indicators point to a favourable outlook. We currently have it,” he added.
According to him, the central bank remains committed to “discipline, transparency and firm regulation” in building a market where the cedi can trade freely but predictably, anchored in investor and business confidence.
However, he cautioned that those exploiting loopholes through offshoring, fuelling the black market, or filing fake import forms will face sanctions.
