PBC, COCOBOD in ‘dispute’ over outstanding payment to cocoa farmers

The Produce Buying Company, (PBC) has disputed claims by COCOBOD that it has released enough funds for the purchase of cocoa beans for the 2018/2019 crop season.

A statement signed by the Chief Executive Officer of PBC, Kofi Owusu Boateng said,“We wish to put on record that PBC has actually purchased more cocoa than the seed fund given by COCOBOD could purchase.”

The statement added, “We have since secured Seed Fund of GHC390 million from Cocobod and so far received Cocoa Taken-over Receivables (CTORS) of GHC81 million in the current season. The amount has been used to purchase about 62,000 tonnes of cocoa,”

PBC said it is aware of the difficulties being encountered in certain cocoa purchasing areas with respect to the trend of payment for cocoa beans to farmers and added it “is working closely with our bankers to secure additional bank guarantees to enable us to access more funding from COCOBOD to pay for all credited stocks from our loyal farmers.”

Business Today

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