Government to bail out PBC - CEO reveals

Government of Ghana is set to release funds to bailout currently struggling Produce Buying Company (PBC).

Chief Executive Officer of the company, Mr. Kofi Owusu Boateng disclosed during a meeting with the press on Tuesday, after workers of his outfit demonstrated to call for his dismissal over what they described as management inefficiency.

Reacting to allegations

Read full articleof running down the PBC, the CEO indicated that the pending problems being faced by the firm are on of “self-inflicted”, which he maintains he inherited when he took over affairs.

He noted that the root of the problems threatening the survival of the company were only exposed after he requested a forensic audit into the activities of the company on assuming office.

The audit findings according to Mr. Owusu Boateng, included issues of mismanagement, misappropriation of funds and issues of internal leakages within the institution. He added that under the previous administration of PBC, several bad investments were undertaken which resulted in the incurrence of huge debts.

He further revealed that, a copy of the audit report has been submitted to the Economic and Organised Crime Office (EOCO) for directions and actions to be taken against the people responsible for the company’s woes.

Again, he explained that, contrary to the allegations of underperformance levelled against him, his administration has been working “day and night” to turn the fortunes of the company around.

Mr. Kofi Owusu touted his efforts as being the reason governments’ bailout came about.

“I have been going around, that’s why finally I had to take it to the president and now the president has agreed to a package” he said.

On the way forward the boss of the cocoa purchasing company said, he expects a positive change in the fortunes of the company when the bailout comes, as the problems facing the company are hinged on financial constraints.