The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has revealed that efforts are underway to introduce a new commercial paper aimed at easing the financing pressures facing the Ghana Cocoa Board (COCOBOD), as authorities seek more sustainable funding sources beyond traditional bank borrowing.

Speaking at the Ghana-UK Investment Summit on June 1, 2026, Dr Asiama explained that COCOBOD’s current reliance on bank loans comes with regulatory constraints, particularly limits tied to banks’ capital adequacy requirements.

He noted that these restrictions make it difficult for the institution to consistently access the level of financing it requires through the banking sector alone.

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“So instead of just borrowing from the bank, because there is a limit to how much you can take from a bank… if the ratio goes above the regulatory levels, then that loan cannot happen. So there are constraints,” he explained.

According to him, the proposed commercial paper arrangement will help shift COCOBOD’s financing strategy towards the capital market, noting that Ghana’s pension funds alone hold over GH¢100 billion.

“We have over a hundred billion in pension funds. So why do we struggle to raise four billion cedis when there is a hundred billion sitting in pension funds?” he said.

He disclosed that discussions involving COCOBOD are ongoing to design a properly structured commercial paper that will be attractive, secure, and compliant with regulatory standards. He expressed optimism that the arrangement could be finalised within the next one to two weeks, describing it as a practical solution to the institution’s financing challenges.

Watch the video below:

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says a new commercial paper is being developed to help address the financial challenges facing the Ghana Cocoa Board.

Speaking at the Ghana-UK Investment Summit, Dr. Asiama explained that the new arrangement will provide… pic.twitter.com/qwUrKzUedq

— #TV3GH (@tv3_ghana) June 1, 2026