The Managing Director of Produce Buying Company (PBC) Limited, Alhaji Seidu Yonye, has raised alarm over the dire state of the once-vibrant cocoa purchasing firm, declaring that it is in financial distress and teetering on the brink of collapse, adding that the company is in debt and 20-month salary arrears.
Speaking in a candid assessment of the company’s current situation, Alhaji Yonye said preliminary findings indicate that PBC’s total debt has ballooned beyond GH¢670 million, threatening its continued existence as a key player in Ghana’s cocoa value chain.
GH¢670m debt profile raises alarm
Alhaji Yonye revealed that while he is yet to receive official handing-over notes to confirm the company’s full financial position, internal research and public data point to a grim reality.
“I will give Mr. President the response that PBC is on its knees,” he said, stressing that the information retrieved from the company’s website and internal communications reveals a debt portfolio in excess of GH¢670 million.
According to him, commercial bank loans alone constitute over GH¢230 million of the total debt, with the rest being unpaid salaries, domestic debts, and other liabilities.
“Profiling this debt, we have commercial ones—bank borrowings—close to about GH¢230-something million, and other domestic debt coupled with salary arrears,” he said.
Company stalled without audits since 2023
In a further blow to the company’s operational credibility, Alhaji Yonye disclosed that PBC has not undergone any official audit since 2023.
The justification, he said, was that the company has not been operational.
However, he criticized the rationale, insisting that even in the absence of active trading, an audit of assets and liabilities is essential to inform any restructuring or recovery effort.
“If you were not in business, going forward you need to audit whatever is available. Even if it’s your liability, you need to know its status. We cannot say PBC has no asset. Growing concern and prudency call for an audit of their books,” he stated emphatically.
Path to recovery: MD remains hopeful
Despite the dire outlook, Alhaji Yonye expressed a strong conviction that PBC can be salvaged.
He emphasized that with effective leadership, clear strategy, and government support, the company can regain its footing and reclaim its role in Ghana’s cocoa sector.
“For me, where I sit now, I think PBC can be revamped and made more profitable. The human factor plays a lot when it comes to managing an entity. Your leadership style, the vision you have, and your strategy all count,” he affirmed.
Legacy and strategic importance
PBC was established as a 100% state-owned subsidiary of COCOBOD, with the core mandate of purchasing, storing, transporting, and marketing cocoa, coffee, and other agricultural commodities. For decades, it played a pivotal role in Ghana’s cocoa supply chain.
However, since 2024, PBC has struggled to raise funds for the purchase of cocoa beans due to its crippling debt burden.
The financial strain has pushed the company dangerously close to liquidation, casting a shadow over Ghana’s longstanding cocoa procurement infrastructure.
The road ahead
As calls for urgent intervention mount, stakeholders in the cocoa industry are watching closely to see whether the new leadership at PBC can steer the struggling company back from the edge.
For now, the message from Alhaji Yonye is clear: “PBC is on its knees, but not beyond redemption.”
