Deputy CEO in charge of finance at the Produce Buying Company (PBC), Vivian Boadi is defending the company’s management despite it being threatened by a possible collapse.

She claims the company’s recent financial struggles were not solely attributable to the management team.

“The losses didn't start in 2020 or 2021. The losses of PBC started way back in 2013. And that is where I would want everybody to know that it's not as it’s being portrayed that the current management is the cause of the company's downward trend of the market share,” Madam Boadi stated in an interview on JoyNews.

JoyNews’ investigations have since revealed that the country’s biggest indigenous cocoa-buying company, PBC, risks a possible collapse following its steep decline in market share from 30.88 per cent to 8 per cent over the last five years.

In January last year, the management of the company hinted at downsizing its staff because it was unable to meet financial and operational obligations to its workers.

In August 2022, management issued a memo it was unable to pay salaries to staff. It’s now a tale of huge debts, fallen revenue, tonnes of cocoa beans stuck in the farms and produce clerks engaged in double trading to survive.

https://www.myjoyonline.com/joynews-investigation-reveals-pbc-risks-possible-collapse-following-steep-decline-in-market-share/

To this end, Madam Boadi said although the firm was on the verge of collapse, she maintained that management made efforts to sustain the company in the face of bankruptcy.

She disclosed that the decision made by the PBC in 2022 to lay off some of its staff was in an attempt to cut down expenditures.

The PBC Deputy CEO explained that at a point in 2021, there was 1200 staff enlisted on the payroll of the PBC, but there has been a reduction to 748 staff members.

However, she further claimed that management has come to the realisation that the business could still be able to operate effectively if the number of 748 staff is further reduced.

Subsequently, Madam Boadi stated that because they cut down on expenses, the Company was able to gain a major profit of ¢1.5 million, which made it possible for the company to thrive despite encountering financial challenges.

Also, she stressed that “If you check from 2021, we paid staff salary the whole twelve months. We didn't have any problem with cash flow. In 2022, we had issues. Even at that time, the company was even able to go to CBG to borrow some money to be able to do the pre-seasonal purchases before the COCOBOD seed fund came.”

However, the Public Affairs Manager of COCOBOD, Fiifi Boafo has also expressed his concern about the fall of PBC.

He explained that the PBC, despite its challenges remained a trusted license-buying company, and that “COCOBOD has been working in ensuring that we are able to help them with capital for their business.”