A consortium of banks could in the coming days move to confiscate and auction the assets of the Produce Buying Company (PBC) to recover debts exceeding 300 million cedis.

This follows a decision by an Accra High Court on March 10, 2026, to dismiss an application for a stay of execution, effectively giving the green light for the banks to proceed with the judicial sale of PBC’s assets.

The development means that buildings, operational facilities, vehicles, and other assets belonging to PBC could soon be auctioned to defray the debts, which could exceed 300 million cedis when interest and other charges are factored in.

Background

Joy Business understands that the challenge stems from a loan facility extended to PBC by a consortium of banks.

Following the company’s default on its repayment obligations, the banks pursued legal action to recover their funds.

The courts in 2024 ruled in favour of the banks and granted them the right to attach and sell PBC’s assets.

Joy Business reported in 2024 that the consortium had begun processes to take over PBC’s assets. Read the full story here.

However, PBC sought a stay of execution, but the courts dismissed that application on March 9, 2026.

Some industry players have told Joy Business that if the government does not move to halt the action, the banks proceeding with the sale of the assets could pose a major challenge for the entire cocoa industry.

For decades, PBC has been one of the pillars of Ghana’s cocoa purchasing system.

From rural cocoa growing communities to the national export chain, the company has served as a bridge between farmers and the global cocoa market.

If the auction proceeds, the country could witness the dismantling of a company that has served the cocoa sector for decades, as warehouses and offices could be sold.

Vehicles that once transported cocoa across rural districts could also be taken over by private firms.