Banks move to auction PBC assets over GH¢300 million debt

A consortium of banks is preparing to confiscate and auction the assets of the Produce Buying Company (PBC) in a bid to recover debts exceeding GH¢300 million.

The pending action follows a decision by the Accra High Court on March 10, 2026, to dismiss an application for a stay of execution filed by the company [PBC], paving the way for the banks to proceed with the judicial sale of PBC’s assets.

Over the coming weeks, several buildings, operational facilities, vehicles, and other assets belonging to the company could be auctioned to settle the outstanding debt.

The debt is estimated to exceed GH¢300 million when accumulated interest and other charges are taken into account.

The development comes after six banks; Agricultural Development Bank (ADB), CalBank, Bank of Africa, GCB Bank, Universal Merchant Bank, and United Bank for Africa, secured an attachment order against PBC Limited in 2024.

The order, granted under the hand of then Chief Justice Gertrude Torkonoo, was obtained after PBC failed to honour its debt obligations to the six banks, despite an earlier judgment delivered in favour of the banks in October 2023.

ADB, five other banks secure court order to sell off PBC Limited's assets, head office

The courts subsequently ruled in favour of the banks and granted them the right to attach and sell the company’s assets to recover the debt.

However, PBC later applied for a stay of execution in an attempt to halt the enforcement process. That application was dismissed by the court on March 10, 2026, allowing the banks to proceed with the sale.

The planned sale of PBC’s assets could have significant implications for Ghana’s cocoa sector if government authorities do not intervene.

Meanwhile, the Minister for Finance, Dr Cassiel Ato Forson, recently announced plans to revive the operations of PBC.

Government set to revive Cocoa Processing Company

“State-owned Produce Buying Company will be revived to resume full operations and become the leading licensed buying company in the cocoa sector with immediate effect,” Dr Forson stated on February 12, 2026.

The revival plans come at a critical time when Licensed Buying Companies (LBCs) are owed about GH¢2.04 billion by the Ghana Cocoa Board (COCOBOD), with some farmers reportedly going unpaid since November 2025.

MA