PBC Employees Call for Immediate Government Action to Resuscitate ailing Company

PBC Workers Urge Immediate Government Intervention to Rescue Struggling Company

Workers of the Produce Buying Company (PBC) are intensifying their demands for government action as the cocoa-buying firm faces severe financial distress and operational inefficiencies. Once a leading player in Ghana’s cocoa sector, PBC is now grappling with significant challenges, prompting employees to call for urgent intervention.

The workers argue that PBC, an essential part of the nation’s cocoa industry, should be afforded the same level of attention and support as the Ghana Cocoa Board (COCOBOD), especially given the government’s efforts to stabilize the economy. Central to their demands is the immediate appointment of a new CEO to guide the company through its crisis and restore it to a stable footing.

Represented by the Pressure Group of PBC Limited, the workers have expressed growing frustration over months of unpaid salaries, a situation that is not only straining their financial well-being but also jeopardizing the company’s day-to-day operations. According to the workers, the prolonged salary delays have exacerbated the firm’s problems, leading to low morale and concerns about its future.

In an interview with Citi Business News, Seth Adusei, the Vice Chairman of the PBC Workers’ Union, called for swift government intervention to address the company’s plight. “At this point, PBC should have been assigned a new CEO so the staff can see that the government is responsive to our concerns, which the previous administration failed to address,” Adusei said.

He highlighted the stark contrast between the treatment of PBC and COCOBOD, which, despite having a debt of around 32 billion, continues to receive significant government support. “COCOBOD, despite its substantial debt, still garners the government’s attention. Why can’t the same government prioritize PBC and take action to revitalize it?” Adusei questioned. “It has been several months since the new government took office, and no meaningful steps have been taken to rejuvenate the company.”

PBC’s market share has suffered dramatically, falling from 30.88 percent in 2016 to just 8 percent in 2021, signaling a sharp decline in its operations and relevance in the cocoa industry.

In January 2024, the Agricultural Development Bank (ADB) and several other banks secured a court order to prevent the sale or transfer of PBC’s assets, including its headquarters in Accra. This legal action underscores the severity of the company’s financial crisis, which has pushed it to the brink of collapse.

In response to these mounting challenges, PBC workers have organized multiple protests, calling for payment of their outstanding wages and urgent action from the government to stabilize the company. The workers believe that without immediate intervention, PBC’s future remains uncertain, and its vital role in Ghana’s cocoa industry is at risk.

The demands from the workers reflect growing concern over the company’s survival and its ability to continue contributing to the country’s cocoa sector. The calls for government intervention emphasize the need for strong leadership and decisive action to revitalize PBC and restore it to a position of strength. Without timely support, the workers fear that the company’s troubles may deepen, further harming both its employees and the broader cocoa industry.