PBC on the brink of a shutdown; allegations of abuse of funds emerge

PBC on the brink of a shutdown; allegations of abuse of funds emerge

- PBC workers have not been paid for months following massive fraud allegations against top management of the company

- The staff say management have also refused to post its 2017/2018 annual report for fear of exposing the damning state of affairs

- Meanwhile, the PBC's market share as the biggest cocoa buying company has drastically dropped as it has been overrun by aggressive foreign and private cocoa buying companies

Ghana’s state cocoa buying company, Produce Buying Company (PBC) is reportedly on the brink of collapse due to huge debts.

According to YEN.com.gh's sources within PBC, the company has piled up inexplicable debts of over GHc500 million.

The PBC has also reportedly refused to publish its 2017/2018 annual reports due to the damning state of the company.

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The debts of the PBC have been attributed to bad investments, foreign players in the cocoa buying industry and mismanagement by the company’s top hierarchy.

The reports suggest the PBC’s investment in the Buipe Sheanut Processing Factory, Kumasi and the Golden Bean Hotels and Lodges in Accra have been posting losses.

This, the report said, is as a result of some workers and top management members using the facilities for free.

Meanwhile, workers of the PBC have also reportedly had their salaries postponed due to a lack of money to pay them.

Also, the company’s market share as the biggest cocoa buying company in the country has reportedly dropped too.

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“…they [top management] are still purchasing vehicles on loans from the cronies even when we lack the funds to pay for insurance to run these vehicles, addling us with huge interest payments,” an aggrieved staff is quoted as saying.

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Source: Yen

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