PBC Financial Crisis Leaves Cocoa Farmers Stranded – Minority Whip

The Minority Chief Whip, Frank Annoh-Dompreh, has raised concerns over the growing financial challenges facing the Produce Buying Company (PBC), warning that cocoa farmers are being left stranded.

Speaking during the Minority’s visit to Kunsu in the Ashanti Region as part of their tour to assess the impact of the recent cocoa price reduction, he revealed that PBC has been struggling to secure funds to pay farmers.

According to him, some farmers have had to wait as long as six months to receive payment for their produce.
He explained that PBC and other Licensed Buying Companies rely on bank guarantees to purchase cocoa beans on behalf of the Ghana Cocoa Board, which is expected to reimburse them within 21 days after receiving the cocoa.

However, he alleged that PBC has not received payments from COCOBOD since October, leaving farmers without money when they deliver their cocoa. He described the situation as an indirect signal that the government is unable or unwilling to purchase cocoa from farmers.

Mr. Annoh-Dompreh further claimed that although funds may have been released by COCOBOD, they were not used to pay farmers, and called for a full-scale investigation into the handling of cocoa sector finances.