The Ghana Cocoa Board (COCOBOD) has raised 3.39 billion cedis ($288.02 million) through a domestic debt issuance to fund cocoa bean purchases for the 2026/2027 season. The transaction, which carried an 11% interest rate with a June 2027 maturity, fell short of the original 4 billion cedis target. This move is part of a broader strategy to shift from international syndication to local financing after previous funding models struggled. The fresh liquidity aims to resolve payment delays to licensed buying companies and farmers. Similar trends are emerging in Nigeria, where companies like Johnvents Industries are tapping local debt markets to finance cocoa procurement.