The Ghana Cocoa Board (COCOBOD) returned to profitability in 2025, recording a net profit of GH¢5.11 billion after suffering a GH¢5.73 billion loss the previous year.

The turnaround was driven by significant increases in cocoa purchases, export sales and domestic cocoa sales, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).

COCOBOD’s operating revenue increased by 207.67% from GH¢15.80 billion in 2024 to GH¢48.62 billion in 2025.

Its operating position also improved significantly, with the Board moving from an operating loss of GH¢4.07 billion in 2024 to an operating profit of GH¢6.17 billion in 2025.

The figures are based on management accounts submitted to SIGA. COCOBOD’s financial year runs from October to September.

Cocoa purchases rise to 597,377 tonnes.

COCOBOD purchased 597,377 tonnes of cocoa in 2025, representing an increase of about 33% from the 448,969 tonnes purchased in 2024.

The increase in purchases supported strong growth in both export and domestic cocoa sales.

Revenue from cocoa bean exports rose by 194.19%, from GH¢12.14 billion in 2024 to GH¢35.70 billion in 2025.

Domestic cocoa bean sales also recorded significant growth, increasing by 252.28% from GH¢3.67 billion to GH¢12.92 billion.

When non-operating income is included, COCOBOD’s total revenue increased from GH¢16.33 billion in 2024 to GH¢49.40 billion in 2025.

Profit margins recover

COCOBOD’s return to profitability was reflected in a sharp improvement in its financial performance indicators.

Its operating profit margin improved from negative 25.24% in 2024 to 12.59% in 2025, while its net profit margin moved from negative 35.06% to 10.39%.

Return on assets also improved from negative 19.73% to 17.03%, indicating a stronger ability to generate income from its asset base.

Return on equity, which was negative in 2024, rose to 345.07% in 2025.

SIGA attributed the improvement partly to COCOBOD’s return to profitability and the movement of its equity position from negative to positive.

The Board’s cost-recovery ratio also increased from 89.30% in 2024 to 112.50% in 2025, indicating that revenue generated during the year was sufficient to cover operating costs and produce a surplus.

Equity turns positive

COCOBOD’s total equity moved from a negative GH¢3.65 billion in 2024 to a positive GH¢1.48 billion in 2025.

That represents a positive swing of about GH¢5.13 billion, largely reflecting the profit recorded during the year.

Total assets increased by 3.39% from GH¢29.02 billion to GH¢30.01 billion, while non-current assets rose from GH¢14.56 billion to GH¢14.90 billion.

The return to positive equity marks a significant improvement in COCOBOD’s balance sheet after its liabilities exceeded its assets in 2024.

Interest-bearing debt falls by GH¢2.93bn

COCOBOD also reduced its interest-bearing liabilities by 19.24%, from GH¢15.23 billion in 2024 to GH¢12.30 billion in 2025.

The reduction amounted to approximately GH¢2.93 billion.

Total debt and liabilities also fell by 12.68%, from GH¢32.67 billion to GH¢28.52 billion.

According to the report, the decline was supported by the settlement of debts owed to suppliers and contractors, as well as payments towards lease obligations.

COCOBOD’s debt-to-assets ratio consequently improved from 1.13 times to 0.95 times.

In practical terms, debt accounted for about 95% of the Board’s assets in 2025, compared with 113% in 2024.

Its interest-cover ratio also improved from negative 2.16 times to 5.05 times, indicating a stronger ability to meet finance costs from operating earnings.

Despite these improvements, SIGA cautioned that COCOBOD remained highly leveraged, with debt continuing to finance a significant proportion of its assets.

Liquidity remains under pressure

COCOBOD’s current ratio improved from 0.72 times in 2024 to 0.80 times in 2025.

The improvement was supported by a 69.82% increase in cash and cash equivalents and an 8.54% reduction in current payables.

The Board ended the financial year with GH¢1.11 billion in cash and cash equivalents.

However, the current ratio remained below one, indicating that COCOBOD’s current assets were still insufficient to fully cover its short-term obligations.

SIGA warned that the Board could therefore continue to rely on operating cash flows to meet its immediate commitments.

Receivables also increased by 5.63%, from GH¢8.67 billion to GH¢9.15 billion, meaning more of COCOBOD’s revenue remained outstanding and uncollected at the end of the period.

Costs rise alongside revenue

The sharp increase in revenue was accompanied by a substantial rise in direct operating costs.

Direct costs increased by 179.87%, from GH¢14.07 billion in 2024 to GH¢39.37 billion in 2025.

Inventory costs included in the cost of sales increased by 189.07%, while buyers’ margins and haulage costs rose by 198.42%.

Expenditure on pest and disease control also increased by 106.20%, while costs associated with the Cocoa Hi-Tech fertiliser programme rose by 112.29%.

Distribution expenses increased by 83.87%, from GH¢370,000 to GH¢690,000.

Despite the significant increase in expenditure, the stronger growth in cocoa sales enabled COCOBOD to cover its costs and return to profitability.

Climate resilience programmes

COCOBOD also continued implementing programmes aimed at making cocoa production more sustainable and resilient to climate change.

These included the Ghana Tree Crop Diversification Project, the Ghana Landscape Restoration and Small-Scale Mining Project and the Ghana Cocoa Forest REDD+ Programme.

The Board also organised initiatives including National Chocolate Week celebrations, stakeholder sensitisation on cocoa producer prices and engagements with representatives of the cocoa, coffee and shea sectors.

Established in 1947, COCOBOD is responsible for regulating the production, purchase, processing, marketing and export of cocoa, coffee and shea products in Ghana.