PBC crippled with GHC600m debt, no audit report since 2023 – Managing Director
The Managing Director of Produce Buying Company (PBC) Limited, Alhaji Seidu Yonye, has revealed that the company is currently grappling with severe financial difficulties and is on the brink of collapse due to overwhelming debts.
In an interview on TV3’s Hot Issues on Sunday, June 29, Alhaji Yonye explained that although he has not received any official handover documents to verify the company’s financial condition, the information available to him suggests that PBC is nearing a crisis, citing that his research on the company’s website revealed that PBC’s debt has climbed to over GHC600 million.
“I will give Mr. President the response that PBC is on its knees though we have not gotten authenticated figures but looking at the environment itself that it operates, it is on its knees coupled with the information that is at hand. Going to the website to draw information we found out that PBC is not less than a GHC670 million thereabout debt profile,” he stated.
He further explained that more than GHC200 million of this debt is owed to banks.
“Profiling this debt, we have the commercial ones that is the lending that they have taken from banks. That is close to about GHC230 something million and other domestic debt coupled with salaries that they claim are in arrears, so it is not in its good state,” he added.
Mr. Yonye revealed another concerning issue, the absence of audit reports dating as far back as 2023, although he clarified that the company has not been operational for some time.
However, he argued that an audit of its assets and liabilities could still have been performed as part of efforts to prepare the company for future operations.
“From 2023 to date there have not been any audit report. They were not in business, that’s what they assume but if you were not in business, going forward as a business you need to audit whatever is available. If even it is your liability, you need to know what status they are. We cannot say PBC has no asset, we have them. At least growing concern and prudency call for an audit of their books to ascertain the level at which the business is,” he emphasized.
Despite these challenges, the Managing Director expressed hope for restoring the company under his leadership, assuring that with adequate government support, PBC can conduct effective business.
“For me, where I sit now, I think PBC can be revamped and made more profitable. In the introduction, I told you that the human factor plays a lot when it comes to managing an entity. Your leadership style counts, the vision you have for the business counts, your strategy counts,” he said.
Established as a fully state-owned entity and a subsidiary of COCOBOD, PBC is involved in purchasing, collecting, storing, transporting, and trading in cocoa, coffee, and other agricultural products.
The company is currently facing an acute financial crisis, with indications pointing towards potential liquidation due to its substantial debt load.
Since 2024, PBC has struggled to secure financing for cocoa bean purchases because of outstanding debts owed to banks, according to the company’s Managing Director.
By: Novire Kuuyizie Francis
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