The newly appointed Chief Executive Officer of Standard Chartered Bank Ghana, Mr. Korse Godzi, today leads his management team on a working visit to the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Anertey Abbey, at Cocoa House in Accra.
The visit serves as the first official engagement between Mr. Godzi and the leadership of COCOBOD since his appointment as CEO of the bank. It provides an opportunity for the new bank chief to be formally introduced to the Management of COCOBOD and to reaffirm the bank’s long-standing relationship with Ghana’s cocoa regulator.
The meeting focuses on ways to strengthen and deepen the historic partnership between the two institutions, a relationship that spans several decades and has been central to the financing of Ghana’s cocoa sector.
Mr. Godzi commends COCOBOD for the strong relationship that exists between the two institutions over the years. He notes that Standard Chartered Bank has been a consistent partner in Ghana’s cocoa value chain and expresses his commitment to sustaining and further developing that partnership under his leadership.
“We value the relationship that has existed between Standard Chartered and COCOBOD. It is a partnership that has contributed immensely to the growth of Ghana’s cocoa sector, and I am here to assure you that under my leadership, we are committed to sustaining it and taking it to an even higher level.”
Standard Chartered CEO, Mr. Korse Godzi
He emphasises that Standard Chartered remains deeply invested in Ghana’s economic transformation and sees the cocoa sector as a strategic pillar for sustainable growth, job creation, and foreign exchange generation.
Dr. Abbey welcomes Mr. Godzi to the cocoa industry and congratulates him on his new appointment. He reaffirms COCOBOD Management’s readiness to work closely with the Bank to advance areas of mutual interest and to support the growth of Ghana’s cocoa sector.
Dr. Abbey says COCOBOD values its relationship with financial institutions that have demonstrated understanding of the peculiar nature of the cocoa business and its seasonal financing needs. He describes Standard Chartered as one of such key partners.
“On behalf of Management and staff of COCOBOD, I welcome you to Cocoa House and to the cocoa industry. We have enjoyed a very fruitful relationship with Standard Chartered Bank over the years, and we are ready to work closely with you to advance areas of mutual benefit.”
CEO, COCOBOD, Mr. Ransford Abbey
The Highlight on the New Crop Financing Model
The meeting also discusses the new crop financing model and the structure of the upcoming notes programme, which represents a significant shift in how COCOBOD finances cocoa purchases. Under the old model, COCOBOD relied heavily on offshore syndicated loans denominated in foreign currency to finance the purchase of cocoa beans from farmers.
That model, while effective for many years, exposes COCOBOD to significant exchange rate risks and high financing costs. Government is now transitioning to a new domestic financing model. Under the new arrangement, COCOBOD issues Cocoa Notes and Bonds on the domestic market, denominated in Ghana cedis.
The funds raised are used to purchase cocoa from farmers through Licensed Buying Companies, the beans are sold on the international market, and the proceeds are used to repay investors, creating a revolving fund.
The reform is part of broader measures approved by Cabinet to restore the financial health of COCOBOD, which recorded total liabilities of GH¢32.9 billion and negative equity of GH¢3.8 billion as at the end of 2024.
During the discussions today, COCOBOD Management provides a detailed briefing on the structure and systems put in place to ensure transparency, efficiency, and timely repayment under the new notes programme.
The Board explains the operational flow, from the issuance of the notes, to the disbursement of funds to Licensed Buying Companies, to the collection and sale of cocoa, and the repayment mechanism.
Mr. Godzi and his team express satisfaction with the structure and the system put in place by COCOBOD. They note that the new model is more sustainable, reduces foreign exchange exposure, and aligns with the broader financial sector reforms aimed at deepening the domestic capital market.
Standard Chartered Bank Ghana Assures the BOARD of its Active Participation in Programme
The Bank assures the Board of its participation in the upcoming notes programme. Standard Chartered Bank Ghana indicates that it is ready to play an active role as an investor and arranger, leveraging its strong balance sheet, international network, and expertise in structuring commodity financing.
“We have reviewed the structure and the system you have put in place for the new financing model, and we are satisfied. We want to assure you of our participation. We see this as a viable and sustainable model that will benefit not only COCOBOD and the banks, but also the farmers and the entire economy.”
Standard Chartered Bank CEO, Mr. Korse Godzi
The assurance comes at a crucial time for COCOBOD, as it prepares to open the 2026/27 cocoa season in the coming weeks. The Board is currently engaging stakeholders across the value chain, including Licensed Buying Companies, banks, input suppliers, and farmer groups, to ensure a smooth takeoff of the season.
CCM-Cocoa Board 4bn Ghana Cedis Debt
The Chamber of Cocoa Marketers Ghana has in recent days raised concerns over about GH¢4 billion owed to its members for cocoa purchases made in the previous season, warning that delays in payment could affect their ability to secure fresh financing for the new season. COCOBOD has scheduled a meeting with the Chamber next week to address those concerns.
Financial institutions like Standard Chartered are therefore seen as critical partners in restoring liquidity in the cocoa purchasing system. Their participation in the notes programme provides the funding that enables LBCs to go to the field, buy cocoa from farmers at the government guaranteed price, and ensure that Ghana maximises its production potential.
Beyond financing, the discussions today also touch on other areas of mutual interest, including support for sustainability programmes, climate-smart cocoa practices, and financial inclusion for cocoa farmers.
Both institutions agree that the long term viability of Ghana’s cocoa sector depends not only on financing purchases but also on investing in productivity, rehabilitation of overaged farms, and improving the livelihoods of farmers.
COCOBOD Commits to Working with Partners
Dr. Abbey says COCOBOD is committed to working with partners who share its vision of a resilient, transparent, and farmer centered cocoa industry. He says Management is implementing reforms to cut wasteful expenditure, improve operational efficiency, and ensure that value goes directly to farmers.
Mr. Godzi says Standard Chartered Bank shares that vision and is ready to bring global best practices in sustainable finance to support COCOBOD’s transformation agenda. The working visit ends with both sides expressing optimism about the future of the partnership.
They agree to maintain regular engagements at both leadership and technical levels to ensure that the financing arrangements for the new season are executed smoothly and that challenges are addressed proactively.
The visit by the Standard Chartered Bank Ghana CEO to Cocoa House underscores the importance of collaboration between the financial sector and COCOBOD at a time when Ghana’s cocoa industry is navigating both global market volatility and domestic financial restructuring.
As Ghana, the world’s second-largest cocoa producer, prepares for a new season, the assurance of participation from a major bank like Standard Chartered provides a strong signal of confidence in COCOBOD’s new financing model and in the future of Ghana’s cocoa sector.
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