PBC Secures GH¢30m Facility To Pay Cocoa Farmers Promptly
The Produce Buying Company (PBC) has secured a financing facility backed by GH¢30 million credited cocoa stock to ensure prompt payment to cocoa farmers amid liquidity challenges confronting Ghana’s cocoa sector.
The intervention comes at a time many Licensed Buying Companies (LBCs) are grappling with severe cash constraints, resulting in delayed payments to farmers across the country.
Speaking at the signing of a Memorandum of Understanding (MoU) between PBC and the Ghana National Cocoa Farmers Association (GNACOFA), Deputy Managing Director in charge of Finance, Thomas Ayisi, described the facility as a significant step towards restoring confidence among cocoa farmers and repositioning the company after years of financial difficulties.
According to him, the arrangement would enable PBC to promptly pay farmers for credited cocoa stocks and strengthen trust at the grassroots level.
“PBC has secured a facility for paying for credited stocks from farmers. By doing this, we distinguish ourselves from competitors who still owe farmers. This act restores credibility and rebuilds trust at the grassroots, which is the foundation of the sector,” he stated.
Mr. Ayisi indicated that the GNACOFA-backed facility, supported by GH¢30 million credited stocks, demonstrates that the company is actively restructuring to regain its footing within the cocoa industry.
He explained that the financing arrangement would strengthen the operational capacity of PBC and ensure timely payments to cocoa farmers during the purchasing season.
The Deputy Managing Director further noted that PBC remains committed to rebuilding its relationship with cocoa farmers by improving efficiency and addressing longstanding operational challenges.
He added that the partnership with GNACOFA forms part of broader efforts to deepen collaboration with farmers and promote sustainability within the cocoa sector.
For his part, the National President of GNACOFA, Stephenson Anane Boateng, said the partnership would help address major challenges confronting the cocoa sector, including smuggling and illegal mining.
“This partnership with PBC presents an opportunity to establish stronger systems and structures that will directly support cocoa farmers and improve their welfare,” he stressed.
The agreement is also expected to help stabilise farmers’ incomes at a time the cocoa sector continues to face operational and financing pressures.
