Ghana's cocoa marketing board (Cocobod) made a GH¢2.3 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's 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.

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.

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

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