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COCOBOD, Banks agree to cover shortfall in Cocoa Bill investments

3 years ago
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COCOBOD, Banks agree to cover shortfall in Cocoa Bill investments

Investors in Ghana’s 182-day cocoa bills will receive payments for their matured debt securities after a meeting between the Bank of Ghana (BoG) and the Ghana Cocoa Board (COCOBOD).

The BoG had directed banks and investment firms to roll over the short-term debt securities without prior notice or consent from investors.

In a statement, the BoG announced that COCOBOD and the various banks in the country have agreed to allow banks to use COCOBOD’s deposits/placements held at the various banks to cater to retail customers who may not want a rollover of their cocoa bills.

The directive for banks and investment firms to roll over the matured debt security was due to the severe undersubscription of the recently issued cocoa bills, resulting in a shortfall of GHS 855m ($138m) against the target of GHS 940m.

The BoG stated that it was not aware that the short-term debt security had been sold to retail investors as it was meant to be held by financial institutions only.

It added that it expects the short-term cash flow challenges facing COCOBOD to be resolved soon, enabling the industry regulator to meet its obligations to investors.

COCOBOD has assured the BoG that the outlook for the 2023 crop season is positive and cocoa purchasing is ahead of last year.

Tags: BOGCocoa Bills: Investors to receive payments for matured security  after crunch meeting between BoGCocobod
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