The Managing Director of the Produce Buying Company (PBC), Derek Kwaku Nkansah, says that the company is back and will resume full-capacity operations by the end of June 2024.

PBC had been out of business for the past year due to numerous challenges, resulting in a zero percent market share and workers' salaries being in arrears for 10 months.

Speaking on the JoyNews AM show, Mr. Nkansah stated that “So, the market shares currently, we have not bought for over a year now, so we probably do not have a market share. I say that regrettably and with a heavy heart, but also, I need to add quickly that we are looking to change this very quickly by the end of this month; we would have changed it and we would be on an upward trajectory”.

Mr. Nkansah revealed that the signs of financial trouble for PBC were evident as far back as 2000, primarily because the company never had sufficient working capital and relied heavily on bank loans.

He explained that the high finance costs severely impacted the company, and they have been dependent on untimely seed capital.

“Those are the conversations that we are having at the moment, COCOBOD and the rest. We are going to soon start buying. So PBC is back. So, of course, with the steep drop down to somewhere, maybe a zero or maybe a percent or maybe two or something, but do not forget there is an industry. There is a regulator that looks after this whole industry, and that helps us.”

He admitted that some poor management decisions within PBC may have contributed to the company's current woes.

“For instance, overstating our positions, punching above our weight, by going to build two edifices, one of which is not doing anything for us at the moment, which is sad, but we are looking to jump-start it, that unfortunately, is something that is dragging us down. Of course, when you build these things, you expect some returns for them”.

Mr Nkansah noted that PBC is committed to settling its debts to the Ghana Revenue Authority (GRA).

He said that the GRA had visited the previous day to collect payments and acknowledged that the company also owes significant amounts for electricity and water.

“Sometimes, I put in a call to the ECG boss and say, ‘Hey, guys, please do us a favour’ and they say, ‘Okay, bring some of it. We would try and see if we could help you out, and then they switched it on while we scrambled to find that money from all corners.”

Mr. Nkansah disclosed that managing directors, board members, and deputies at PBC have also gone unpaid for 10 months.

He emphasised that efforts are underway to address these challenges.

“No one has been paid. There is nothing so damning as this; I can only apologise to the people and ask them to exercise patience.

“We are almost at the end of the tunnel; we are coming out. I mean, yesterday I had a demand from the union saying, we need our money by so and so date, and even the national union is helping us,” he noted.