Managing Director (MD) of the Produce Buying Company (PBC) Limited, Alhaji Seidu Yonye has disclosed that employees of the company are owed twenty months’ salary arrears.
Since 2024, the company has been struggling to secure funds for the purchase of cocoa beans due to debts owed banks.
There are reports that the financial crisis of the company has caused its near collapse with, PBC obtaining a 0% market share currently.
“As we talk currently, per what they are reporting which I still insist because I have not been given the handing over notes, per what they are reporting if last month (May) were to be added, it will be about 20 months salaries that have not been paid,” he said in an interview on TV3’s Hot Issues, June 29.
Seidu Yonye noted that the company’s current organizational structure is not fit fur purpose, proposing that a rest of PBC’s organogram is needed to revive the company.
“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 stated.
Read also: PBC is on its knees with over GHC600m debt; no audit report since 2023 – Managing Director
Seidu Yonye partly blamed the previous management of PBC for the company’s current predicament. He believes that appropriate measures were not put in place to efficiently manage the PBC.
“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 note we need to do something if only we would stay profitable,” he added.
The Managing Director expressed his willingness and commitment to turn the fortunes of the company, stating that he has no regret assuming the role knowing the financial distress of PBC.
“I always want to make a difference. Trust me, if I am able to do this which I will do, fix PBC back is a track record for me and I would have left by some legacy traits so 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 emphasized.
