PBC MD Reveals Staff Owed 20 Months’ Salaries, Blames Structural Failures and Past Management

The Managing Director of Produce Buying Company (PBC) Limited, Alhaji Seidu Yonye, has revealed that the company currently owes its staff up to 20 months in unpaid salaries, highlighting the severity of its ongoing financial crisis.

Speaking in an interview on TV3’s Hot Issues on June 29, Mr. Yonye disclosed that PBC has been unable to pay employees since 2024 due to longstanding debts owed to banks, which have crippled the company’s ability to purchase cocoa beans — its primary business operation.

“As we talk currently, per what they are reporting — which I still insist because I have not been given the handing over notes — if last month [May] were to be added, it will be about 20 months’ salaries that have not been paid,” he stated.

PBC, once a major player in Ghana’s cocoa industry, has seen its fortunes dwindle in recent years, with its market share dropping significantly. Reports indicate the company’s financial instability has brought it to the brink of collapse, with its market presence effectively reduced to zero in some areas.

Call for Structural Overhaul

Mr. Yonye stressed that the company's current organizational structure is outdated and unfit to support a turnaround. He proposed a complete overhaul of the organogram to align with modern operational demands.

“The level of staff we are running and the organogram we have is not fit for purpose as at today. If we need to reset PBC, the organogram must be given an in-depth look. Not everything that is on the organogram is needed,” he said.

Faults Previous Management

The MD did not shy away from pointing fingers at past leadership, stating that previous management teams failed to respond effectively to shifting market dynamics and growing competition in the cocoa sector.

“Why I said management has always been a problem for PBC is that management has not seen all these factors — that we are faced with competition, our market share is going down — and for that reason, we need to do something if only we would stay profitable,” he explained.

Committed to Change

Despite the daunting task ahead, Mr. Yonye expressed confidence in his ability to restore the company’s fortunes. He emphasized that he accepted the role fully aware of PBC’s financial distress, and remains determined to lead a successful turnaround.

“I always want to make a difference. Trust me, if I am able to do this — which I will do — fixing PBC would be a track record for me. I want to leave behind a legacy. I’m all out for it and I want to also be part of the success story of His Excellency the President John Dramani Mahama. And I am poised to do what he has tasked me to do,” he affirmed.

PBC’s woes are emblematic of broader issues facing Ghana’s cocoa sector, and stakeholders will be watching closely to see whether new leadership can deliver a much-needed revival.