Ghana to End Foreign Funding for Cocoa Purchases, Mahama Says

President John Mahama has announced plans for Ghana to stop relying on foreign funding to purchase its cocoa, signalling a major shift in how the country finances one of its most valuable export commodities.

Speaking at the Accra Reset Addis Reckoning event in Addis Ababa, Ethiopia, Mahama said Ghana would instead raise domestic bonds to finance cocoa purchases, arguing that the country has sufficient local financial capacity to support its cocoa sector without external backing.

He emphasised that Ghana has enough liquidity within its own economy to pay cocoa farmers and manage procurement independently, eliminating the need to collateralize cocoa beans to secure foreign loans.

Push to Strengthen Local Financing and Processing Capacity

Mahama said the move is part of a broader strategy to strengthen domestic control over Ghana’s cocoa value chain and reduce dependence on external financing arrangements.

He added that Ghana has the industrial capacity to process up to 400,000 tonnes of cocoa beans locally, a development that could boost value addition, increase export earnings, and create more jobs within the country.

The proposed shift to domestic bonds is expected to give Ghana greater financial flexibility while also retaining more economic value within its borders. Cocoa remains one of Ghana’s most important exports and a key source of foreign exchange.

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