A consortium of banks is preparing to seize and auction assets belonging to the Produce Buying Company (PBC) after the Accra High Court dismissed the company’s request to halt the enforcement of a debt recovery ruling.
The court’s decision, delivered on March 10, 2026, rejected an application by PBC seeking a stay of execution. The ruling effectively clears the way for the creditor banks to proceed with legal measures to recover more than GH¢300 million owed by the cocoa buying firm.
With the court’s refusal to suspend the earlier judgment, the banks can now move ahead with the judicial sale of PBC’s assets. These could include company buildings, warehouses, operational facilities, vehicles and other properties.
The debt stems from a loan facility granted to PBC by a consortium of banks. After the company failed to meet its repayment obligations, the lenders initiated legal proceedings to recover the funds.
In 2024, the courts ruled in favour of the banks, granting them the right to attach and sell PBC’s assets to recover the outstanding amount. PBC later filed for a stay of execution in an attempt to temporarily stop the enforcement process, but the latest ruling has removed that legal barrier.
Industry observers warn that the possible auction of the company’s assets could have far-reaching implications for Ghana’s cocoa sector if the process goes ahead.
For decades, PBC has played a central role in Ghana’s cocoa purchasing system, acting as a key link between cocoa farmers in rural communities and the country’s export market.
Analysts note that if the auction proceeds, vital infrastructure such as warehouses, district offices and transportation vehicles used in cocoa haulage could pass into private hands.
Source: norvanreport.com
