Ghana’s vital cocoa sector has received a massive financial lifeline following the signing of a $134 million risk-sharing agreement between Access Bank Ghana PLC and the International Finance Corporation (IFC).

The deal, signed in Accra on Friday, January 23, 2026, is a direct response to the liquidity chokehold currently facing Licensed Buying Companies (LBCs).

With COCOBOD experiencing delays in its traditional syndicated loan cycles, LBCs—the primary off-takers who purchase beans from farmers—have struggled to secure the working capital needed to sustain the 2025/2026 crop season.

A National Priority: The BoG’s Endorsement

Speaking at the high-profile ceremony, the Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Matilda Asante-Asiedu, underscored the strategic weight of the intervention. She noted that the LBCs are not just commercial entities but the glue that holds the rural economy together.

“This scheme is strategically designed to provide essential working capital to Licensed Buying Companies—the backbone of Ghana’s domestic cocoa purchasing system,” she said. “Ensuring their liquidity is not merely a commercial objective; it is a national economic priority.”

The Deputy Governor further argued that a stable cocoa value chain is a prerequisite for a stable national currency.

“The stability of LBCs safeguards rural livelihoods, strengthens export earnings, and supports exchange rate resilience,” she explained.

Macroeconomic "Restoration"

The timing of the $134 million injection coincides with what the BoG describes as a historic recovery of the Ghanaian economy.

After years of high volatility, Mrs. Asante-Asiedu pointed to the latest January 2026 inflation figures of 5.4%—a fresh low since 2022—as proof that "prudent monetary policy" is working.

“Through prudent monetary policy implementation and disciplined fiscal management, we have restored macroeconomic stability, strengthened confidence, supported GDP growth, and brought inflation back to single-digit levels,” the Deputy Governor stated.

How the Risk-Sharing Works

Under this facility, the IFC will provide an unfunded guarantee to Access Bank, essentially absorbing up to 50% of the risk on loans extended to eligible LBCs. This de-risking mechanism allows Access Bank to lend more aggressively and at more competitive rates than would be possible in a standard commercial environment.

The facility targets six major LBCs, including AgroECOM, Nyonkopa (Barry Callebaut), and FedCo, ensuring that the funding reaches the "farm gate" where it is needed most to pay smallholder farmers promptly.

Private Sector as the Engine

The partnership marks a significant shift away from the state-led financing model that has dominated the cocoa sector for decades. Mrs. Asante-Asiedu emphasized that this aligns with the government's broader "24-Hour Economy" and economic diversification goals.

“This scheme is designed not only to harness opportunities along the cocoa value chain, but also to align closely with our national priorities,” she added.