Government’s directive to revive Produce Buying Company (PBC) Limited and Cocoa Processing Company (CPC) Limited comes at a time when both firms are technically insolvent, deeply indebted and struggling to sustain operations.
Their latest financial statements show collapsing revenues, negative equity positions and severe liquidity gaps exposing the scale of the turnaround required in Ghana’s cocoa value chain.
PBC Limited: The collapse of a buying powerhouse
Once the top-ranked company on the Ghana Club 100, PBC Limited is now facing what auditors explicitly describe as “complete bankruptcy”. The company’s descent from controlling 30 percent of the market to a state of operational paralysis is nothing short of catastrophic.
• Revenue Freefall: The financial statements for the year ended September 30, 2024, show an operational collapse, with total revenue plummeting 95 percent—from GH¢778.9 million in 2023 to a mere GH¢41.5 million in 2024. Core produce revenue, the company’s lifeblood, evaporated by over 98 percent during this period.
• Deepening Insolvency: PBC’s losses more than doubled in a single year, reaching GH¢69.9 million in 2024. The Group’s total equity has worsened to a negative GH¢441.3 million, while the working capital deficit expanded to GH¢328 million.
• The Debt Noose: In January 2024, an Accra High Court ruled in favor of six commercial banks seeking to recover GH¢495.4 million in outstanding debts, ordering the attachment of PBC’s immovable properties for sale. Furthermore, a $10 million loan from COCOBOD has remained overdue and unpaid since 2019.
• GSE Suspension: Due to its persistent failure to submit financial results, the Ghana Stock Exchange (GSE) suspended PBC’s listing status in November 2023
CPC Limited: The value-addition trap
While PBC struggles with procurement, the Cocoa Processing Company (CPC) is drowning in the costs of processing. The Tema-based manufacturer has recorded its fifth consecutive year of financial losses as of late 2025.
• Negative Margins: For the fiscal year ended September 30, 2025, CPC reported a net loss of approximately $11.47 million. Turnover for the year saw a sharp decrease of 37.9% from US$ 32.80 million in 2024 to 20.38 million in 2025. This decline was driven by lower sales across key product lines, particularly a significant drop in Cocoa Butter revenue.
• Liquidity Strain: CPC’s balance sheet remains severely leveraged. Short-term assets of 28.4million are woefully insufficient to cover short−term liabilities 113.2 million.
• Underutilized Potential: Despite having an annual capacity of 65,000 metric tonnes, CPC is operating with significant underutilization due to financial constraints and inconsistent bean supply. Management is now pinning its hopes on a proposed $97 million loan from Afreximbank for debt refinancing and factory retooling.
• GSE performance: Curiously, despite these grim fundamentals, CPC’s stock saw a 200% price appreciation over the last year, closing at GH¢0.06 on February 9, 2026.
The “Ato Forson” rescue plan: Revival or life support?
In February 2026, Finance Minister Dr. Cassiel Ato Forson announced sweeping reforms to arrest this decay. The government has ordered the immediate revival of both PBC and CPC, directing that PBC resume its role as the leading licensed buyer and CPC as the flagship processor.
The landmark directive requires a minimum of 50% of all cocoa beans to be processed locally starting from the 2026-2027 season.
While the 2026 reforms offer a theoretical pathway to recovery through debt conversion and industrial mandates, the reality for PBC and CPC remains a struggle for survival. For the 800,000 farmers waiting on arrears, the revival of these entities is not just a corporate necessity, it is an economic lifeline.
