Purchase of cocoa beans: PBC and COCOBOD in dispute over unpaid

The Produce Buying Company (PBC) challenged COCOBOD's allegations that it had released sufficient funds for the purchase of cocoa beans for the 2018/2019 campaign..

A statement signed by PBC CEO Kofi Owusu Boateng I said, "We wish to note that PBC has actually bought more cocoa than the seed fund offered by COCOBOD could buy."

The statement added: "Since then, we have obtained a seed fund of Cocobod in the amount of 390 million GHC and we have so far received receivables for the management of cocoa (CTORS). 81 million GHC for the current season. This quantity was used to buy about 62 000 tonnes of cocoa ",

PBC said it was aware of the difficulties faced in some cocoa purchasing areas with regard to the evolution of cocoa beans payment to farmers and added that "works closely with our bankers to secure additional bank guarantees allowing us to obtain more financing from COCOBOD to pay for all the credited stocks of our loyal farmers. "

Read the full PBC statement

PBC Limited (PBC) is aware of the difficulties encountered in some cocoa purchasing areas with regard to the evolution of payment of cocoa beans to farmers.

PBC has the largest geographic presence and infrastructure and operates in most remote cocoa growing areas where no other authorized purchasing company (LBC) operates.

Since then, we have obtained a seed fund of Cocobod for GHC 390 million and we have so far received receipts for the treatment of cocoa (CTORS) of GHC 81 million for the season in question. course. This amount was used to buy about 62,000 tons of cocoa.

In the meantime, our Cocobod 6 week purchases indicate that pBC has purchased a total of 67,567 tonnes of cocoa, as the difference has not yet been paid.

We would like to point out that PBC actually bought more cocoa than Cocobod could buy, unlike what the seed fund could buy, contrary to what Cocobod wanted to describe in his statement.

PBC is working closely with our bankers to obtain additional bank guarantees allowing us to access more funds from Cocobod. This would allow the PBC to pay all the credited shares of our loyal farmers.

In addition, it is important to indicate that the speed of execution of seed funds is crucial for the company. To date, the PBC has submitted to Cocobod CTOR of 104 million GHS, which remain unpaid. We liaise with Cocobod to ensure the quick payment of the CTOR. Once they have been paid on time, this should go a long way to solving the current problems.

We take this opportunity to badure all of our key stakeholders, including our dear farmers and our banks, that despite the unfair and unethical competitive practices adopted by some LBCs, the company and others Native LBCs are taking aggressive steps to seek the regulatory body's hearing to address these issues urgently.

We want to badure all of our loyal farmers and all stakeholders that with the support of Cocobod, all farmers will receive their money as quickly as possible.