{"id":200515,"date":"2024-07-17T10:17:42","date_gmt":"2024-07-17T10:17:42","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/17\/restructured-debt-helps-cocobod-post-149-8m-profit-auditor-generals-report\/"},"modified":"2024-07-17T10:17:42","modified_gmt":"2024-07-17T10:17:42","slug":"restructured-debt-helps-cocobod-post-149-8m-profit-auditor-generals-report","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/17\/restructured-debt-helps-cocobod-post-149-8m-profit-auditor-generals-report\/","title":{"rendered":"Restructured debt helps Cocobod post $149.8m profit \u2013 Auditor General\u2019s report \u2013"},"content":{"rendered":"

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Ghana\u2019s cocoa marketing board (Cocobod) made a GH\u00a22.3 billion ($149.84 million) profit in 2022\/23, helped by the restructuring of its debt, the Auditor General said in a report obtained by Reuters on Tuesday.<\/strong><\/p>\n

The report showed that the cocoa regulator posted its first profit after six straight years of losses.<\/p>\n

Ghana, the world\u2019s number two cocoa producer has been restructuring its $30 billion debt, including debt from the cocoa sector, to be able to implement a $3 billion, three-year International Monetary Fund program and recover from its worst economic crisis in a generation.<\/p>\n

Last month, it finalised a deal with its official creditor committee and reached an agreement in principle with two bondholder groups to restructure around $13 billion of its debt, bringing it closer to the end of the debt overhaul.<\/p>\n

These milestones followed a domestic debt programme in 2023 in which various bonds, including cocoa bills \u2013 securities issued to meet the short-term liquidity needs of Cocobod \u2013 were exchanged for long-dated instruments at lower yields.<\/p>\n

Cocobod \u201cended the year with a profit of 2.3 billion cedi, compared with a loss of 4.2 billion cedi in 2022,\u201d said the auditor general report on public corporations and boards yet to be published.<\/p>\n

Ray Ankrah, deputy CEO of Cocobod, said the recovery was largely on the back of the debt restructuring.<\/p>\n

\u201cThere were huge financing costs; we were paying something in the range of 34% but it\u2019s now down to 13% (after the restructuring),\u201d he said.<\/p>\n

Ankrah said surging global cocoa prices, increased bean sales, currency stability and better cost management also helped.<\/p>\n

The audit report said Cocobod\u2019s revenue increased by 41.7% to 17.7 billion cedi in 2023 due to increased cocoa bean sales.<\/p>\n

The report said Cocobod would still struggle to meet its short-term financial obligations as it lacked sufficient liquidity.<\/p>\n

Cocoa prices have more than doubled this year on account of disastrous harvests in Ghana and Ivory Coast \u2013 which traditionally produce 60% of the world\u2019s cocoa.<\/p>\n

adomonline.com<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ghana\u2019s cocoa marketing board (Cocobod) made a GH\u00a22.3 billion ($149.84 million) profit in 2022\/23, helped by the restructuring of its debt, the Auditor General said in a report obtained by Reuters on Tuesday. The report showed that the cocoa regulator posted its first profit after six straight years of losses. Ghana, the world\u2019s number two […]<\/p>\n","protected":false},"author":1,"featured_media":122436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-200515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nRestructured debt helps Cocobod post $149.8m profit \u2013 Auditor General\u2019s report \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/17\/restructured-debt-helps-cocobod-post-149-8m-profit-auditor-generals-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Restructured debt helps Cocobod post $149.8m profit \u2013 Auditor General\u2019s report \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s cocoa marketing board (Cocobod) made a GH\u00a22.3 billion ($149.84 million) profit in 2022\/23, helped by the restructuring of its debt, the Auditor General said in a report obtained by Reuters on Tuesday. 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