Ghana’s cocoa bond gamble: can Africa finance commodities without foreign banks?

• Ghana plans $1bn cocoa bond programme
• Domestic investors face a major confidence test

ACCRA, GHANA – Ghana is preparing a radical shift in cocoa financing that could test whether African capital markets are finally ready to fund the continent’s commodity economies from within.

According to Allen Dreyfus sources, the government will, from July, begin raising $1bn in local bonds to finance cocoa purchases for the 2026-27 harvest season, replacing a long-standing dependence on foreign syndicated loans.