Bank of Ghana Governor, Dr. Johnson Asiama, has announced that the Ghana Cocoa Board (COCOBOD) is expecting more than $4 billion in inflows before the end of the year.
He explained that the funds form part of a new financing arrangement designed to support cocoa purchases for the upcoming crop season. Speaking in an exclusive interview with Joy Business’ George Wiafe, Dr. Asiama noted that the inflows would strengthen the Bank of Ghana’s reserves and enhance its ability to stabilize the local currency in the weeks ahead.
“This development will signal to the market that the central bank is well-positioned to intervene when necessary to meet the demands of businesses and commercial banks,” he said.
Ghana’s international reserves, according to the Bank’s July Economic and Financial Data, currently stand at $11.1 billion.
COCOBOD’s New Financing Model
In 2023, COCOBOD introduced a fresh funding approach for cocoa bean purchases, requiring global traders to deposit at least 60 percent of the value of their forward contracts at the start of the season.
The initiative replaces a three-decade-old syndicated loan system from international banks. Under the new arrangement, part of traders’ deposits is used to finance purchases from farmers through licensed cocoa buying companies (LBCs). Traders provide funds directly to the LBCs, with COCOBOD serving as an intermediary.
Outlook for the Cedi
Dr. Asiama expressed optimism about the outlook for the Ghana cedi despite recent pressures.
“As regulator, we have taken the necessary actions to ensure stability. Our net international reserves remain intact, and all indicators point to a favourable outlook,” he assured.
He emphasized that the central bank is committed to discipline, transparency, and firm regulation to build a market where the cedi trades freely but predictably.
At the same time, he cautioned that those exploiting loopholes — whether through offshoring, fueling the black market, or falsifying import documents — would face sanctions.
Source: Wesleyannews.com
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