On Tuesday, August 8, 2024, bondholders who had their restructured cocoa bills converted into bonds received a total payout of GH¢888 million. This payment comprised GH¢503 million in coupon interest and GH¢385 million towards the settlement of a maturing August 2024 bond. In July 2023, the government rolled out the restructuring scheme for cocoa bills and domestic dollar bonds which saw GH¢7.96 billion of cocoa bills restructured.

The recent bond settlement is expected to enhance liquidity within Ghana’s financial sector, especially as institutional investors hold over 99% of these bonds. However, there are concerns that this influx of funds could lead to a surge in demand for US dollars, putting additional pressure on the already vulnerable cedi.

Despite the progress, this GH¢888 million payment represents just 5% of the total value of the restructured cocoa bills. The bulk of the financial burden, including principal repayments, will be shouldered between 2025 and 2028. Bondholders will continue to receive a semi-annual coupon at a 13% rate, which will be paid in addition to the principal settlements as the restructuring progresses.