• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Workers of Produce Buying Company petitions gov’t for a financial bailout

07/08/2019
Reading Time: 2 mins read
produce_buying_Company
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Workers of the Produce Buying Company (PBC) Limited have pleaded to the government for a financial bailout to enable the company service its debt and re-profile its short term maturing debt to a longer term.

According to the Workers of the Produce Buying Company, the bailout would give the company ample time to recover and retire all debt properly to ensure that it becomes a vibrant company again

The workers revealed that the current debt profile of the company amounted to GHȼ700 million, making it difficult to access funds directly from COCOBOD and other financial institutions.

“Produce Buying Company Limited currently owes almost every bank in Ghana and several service providers and suppliers. Banks are not ready to transact any business with the company. The cocoa buying industry is now dominated by foreign business entities and the company is fast losing out.

“We need a letter of comfort from the government to enable us access funds directly from Cocoa Board. This will take away the need for bank guarantees which come at high-interest rate,” the workers stated.

This was captured in a release by the Professional and Managerial Staff Union (PMSU) and Local Workers Union.

Addressing the workers at a Press Conference on Tuesday, Solomon Kotei, the General Secretary of the Industrial and Commercial Workers Union (ICU), said the union had petitioned the President and was optimistic that the grievances of the workers and for that matter the company would be resolved.

He said the status of the once vibrant company, especially in the last three years, compelled the union to take such an action.

ALSO READ: COCOBOD refutes failing to get buyers for Ghana cocoa

“Now, in the last three years it was obvious that the liquidity problem of PBC has come to a point where as I talk to you the current light crop position, PBC has not been able to participate and will not be able to participate”.

Aggrieved workers of Produce Buying Company

“Based upon this trend, we were compelled to make a petition to the President and our petition was given a great hearing on Friday,” he said.

Previous Post

Over 1000 workers sent home, as gov’t shutdown Ghana Manganese Company

Next Post

Ecobank appoints Nana Araba Abban as Head of Group Consumer Banking

Related Posts

Cocoa production in Ghana

Is Ghana in danger of losing millions as Germany, China, and Switzerland push into cocoa production

26/08/2021
FairTrade Organisation

Is Fairtrade a Certification Organisation or a “Fair Trade” Advocate?

10/05/2021
Ghana cocoa

Why Ghana doesn’t get the full value of its cocoa beans – and how this could change

04/05/2021
National chocolate week 2021

National Chocolate Week kicks-off on 8th Feb: Ghanaians urged to eat more cocoa to fight COVID-19

08/02/2021
Agribusiness startup in Ghana

This agribusiness start-up has brought novelty to cocoa processing in Ghana

12/01/2021
Nana Aduna II, ghanatalksbusiness.com

Nana Aduna II – A Medical Officer who revolutionalised cocoa processing in Ghana

06/01/2021
Next Post
ecobank

Ecobank appoints Nana Araba Abban as Head of Group Consumer Banking

ceo_of_quick_angels

Be financially disciplined to succeed as an entrepreneur –CEO, Quick Angels

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In