China Capital: Ghana COCOBOD’s Multibillion-Cedi Profit Masks a Record of Financial Recklessness

The Ghana Cocoa Board (COCOBOD) goes around every year seeking loans to buy cocoa, only to land on a lender’s watchlist. A watchlist is a red flag that international financiers reserve for borrowers whose finances they no longer trust. Still, the Board recently reported a GH¢5.11 billion profit, driven largely by exchange-rate gains.