Business News of Tuesday, 27 November 2018
The Produce Buying Company (PBC) Limited has assured all farmers and its stakeholders that with the support of COCOBOD all farmers will be paid their money as soon as possible.
A statement signed by the Chief Executive Officer (CEO), Mr Kofi Owusu Boateng, a copy of which was made available to the Graphic Online said, the PBC is aware of the difficulties being encountered in certain cocoa purchasing areas in respect of the trend of payment for cocoa beans to farmers and said “the PBC is working closely with our bankers to secure additional bank guarantees to enable us to access more funding from COCOBOD to pay for all credited stocks from our loyal farmers.”
“We have secured seed fund of GHC390 million from the COCOBOD and so far received Cocoa Taken-Over Receivables (CTOR’s) of GHC81 million in the current season but the amount has been used to purchase about 62,000 tonnes of cocoa.” the statement added and said “Our purchases report for week six to the COCOBOD showed that the PBC has purchased a total of 67,567 tonnes of cocoa, the difference of which is yet to be paid for.”
It added that the PBC has as of November 22, 2018 submitted CTOR’s of GHS104 million which remained unpaid to the COCOBOD and was liaising with the COCOBOD to ensure prompt payment of the CTORs.
It said once the CTOR’s are paid on time, it should go a long way to address the current issues at hand.
“We wish to put on record that PBC has actually purchased more cocoa than the seed fund given by COCOBOD could purchase” the statement explained and further assured all key stakeholders of PBC including cocoa farmers and banks that despite the unfair and unethical competitive practices by some LBCs, the company and other indigenous LBCs are frantically making arrangements to seek audience with the regulator to urgently address the issues.