COCOBOD achieves strong 97% participation in debt exchange programme
In a strategic move to restructure its mounting debts, the Ghana Cocoa Board (COCOBOD) launched the innovative Cocoa Bills Exchange Programme this July. The initiative sought to address a substantial debt load nearing ¢8 billion, drawing keen attention from investors and financial analysts alike.
The programme, which concluded on August 25, 2023, has proven to be a resounding success, with a remarkable 97.38% participation rate recorded among eligible holdings. The results, unveiled in an official statement from CAL Bank, have drawn attention for the impressive turnout within the specified timeline.
COCOBOD, acknowledging the enthusiastic response, underscored its contentment with the programme’s outcome, revealing that a substantial majority of eligible holdings were tendered. This positive sentiment has prompted COCOBOD to shift its settlement date from the previously slated August 31, 2023, to September 4, 2023.
To ensure a seamless transition and efficient settlement process, COCOBOD will adjust the issue date, interest accrual schedules, and payment schedules for the newly minted Cocoa Bonds. These adjustments are aimed at synchronizing the financial calendar with the revised settlement date.
It is worth noting that, barring the alterations detailed above, the terms and conditions outlined in the original Invitation to Exchange remain unchanged. As the programme’s invitation period has concluded, COCOBOD will exercise discretion in accepting any new submissions while upholding a strict stance on revocations and withdrawals.
Ghana’s COCOBOD has thus showcased its proactive approach to debt management through this successful exchange programme, yielding both substantial participation and renewed optimism in the financial sector. With the revised settlement date on the horizon, stakeholders are keen to witness the culmination of this landmark financial initiative.
