Licensed cocoa buyers in Ghana, the world’s second-largest cocoa producer after Côte d’Ivoire, are facing severe liquidity pressures, with debts owed to commercial banks estimated between 650 million and 750 million US dollars (7–8 billion Ghanaian cedis). This significant debt burden is adding strain to Ghana’s financial sector, which is still recovering from a deep economic crisis.

The debt accumulation is linked to cash flow difficulties in the cocoa sector. Delays in payments from the Ghana Cocoa Board (Cocobod) and the use of funds for activities outside core cocoa financing have pushed buyers to rely heavily on bank loans to pre-finance cocoa purchases. In addition, buyers reportedly owe farmers between 2.2 billion and 2.5 billion cedis.

The sector has also been affected by two consecutive weak harvests due to crop diseases and adverse weather conditions. At the same time, volatility in global cocoa prices has worsened liquidity challenges and left some stocks unsold.

In response, the Ghanaian government has adjusted producer prices and is considering financing mechanisms to ease pressure on the sector. The Ghana Association of Banks has acknowledged exposure to cocoa-related loans and indicated that some debts have been restructured to help contain financial risks.