Ghana's state-owned cocoa buyer, Producer Buying Company (PBC), is unable to purchase cocoa from farmers. The company owes growers GHS 24 million for delivered beans. PBC also faces asset seizure due to accumulated debts totaling GHS 673 million.
This financial crisis has left PBC without the necessary funds to resume its operations. The company is mandated to buy cocoa from any farmer, acting as a buyer of last resort. This situation means thousands of smallholder farmers remain unpaid for beans delivered as far back as November 2025.
Ghana's cocoa sector is currently facing significant challenges. Global harvests have been ample, leading to lower cocoa prices. Demand from chocolate makers for cocoa has also been falling. PBC's financial woes are compounded by a significant loss of market share. It once controlled 30% of the domestic market. Now, it buys less than 5% of Ghana's cocoa production.
A consortium of Ghanaian banks, owed GHS 257 million, secured a court order in March to sell PBC's assets. Two of these banks are state-owned and report to the Ministry of Finance. SSNIT, a major shareholder and the state pension fund, is reluctant to invest more. It has not received expected dividends since its initial investment.
Finance Minister Cassiel Ato Forson had pledged to revive PBC in February. He stated its revival was key to supporting cocoa farmers. The company source indicated the minister has had no further discussions on the matter. COCOBOD, the market regulator, claims it has been disbursing funds. However, PBC states it has not received any money.
PBC's debts extend beyond bank loans. They include over 24 months of unpaid staff salaries and vendor arrears. Outstanding statutory payments are also part of the GHS 673 million total. The company source believes a structured intervention from COCOBOD could help. This would involve directing a share of international buyers towards PBC. It would also require releasing funds for cocoa purchases.
PBC has a wide reach, operating in all 127 cocoa-growing districts. This geographical presence is larger than any private cocoa buyer. The company source spoke on condition of anonymity. They were not authorized to brief the media.