PBC hit as five banks begin asset seizure over GH¢257 million debt

Five banks have reportedly begun seizing trucks and operational vehicles belonging to the Produce Buying Company (PBC) over an unpaid GH¢257 million debt, deepening the financial crisis facing the state-owned cocoa firm.

According to a Graphic Online report on Tuesday, May 12, 2026, the banks secured a court order to recover the debt after an emergency meeting aimed at addressing the company’s financial challenges failed to take place.

The meeting reportedly collapsed because the Ministry of Finance did not approve the required proxy documents.

The development raises fresh concerns about the government’s earlier assurances to revive PBC, as the company continues to struggle with severe liquidity challenges.

Reports indicate that PBC currently lacks the funds to buy cocoa from farmers and owes about GH¢24 million to farmers for more than 9,000 bags of cocoa already supplied.

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The company is also battling unpaid salaries, vendor debts, and outstanding statutory payments.

Reuters further reported that PBC’s market share in Ghana’s cocoa purchasing sector has fallen sharply from around 30% in previous years to less than 5%, significantly weakening its operations.

The crisis is also putting pressure on cocoa farmers, many of whom depend on timely payments to support their households, pay school fees, and maintain farms.

Sources also claim that COCOBOD has not yet reimbursed PBC for about 800 metric tonnes of cocoa delivered more than two months ago, worsening the company’s cash flow difficulties.

Industry observers warn that the potential collapse of PBC could weaken confidence in Ghana’s cocoa sector and expose deeper problems within the country’s cocoa financing system.

Despite calls for intervention, concerns remain over whether the government can provide the financial support needed to restore the company’s operations amid ongoing economic pressures.

SO/MA

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