PBC Limited originally exists as a Licensed Buying Company (LBC) which partakes in the Internal Marketing of Cocoa as its core business among other auxiliary businesses to complement its revenue stream. PBC Limited has over the years operated in an environment of stiff competition with other Licensed Buying Companies for cocoa from farmers. The company however has remained the highest cocoa purchaser for COCOBOD among the other LBCs with a market share of about 31%.
The Internal Marketing of Cocoa evolved from the Cocoa Purchasing Company which was established in 1947 as a Marketing Wing of the Ghana Cocoa Marketing Board. The Cocoa Purchasing Company operated alongside Cocoa Buying Firms such as Cadbury and Fry, GB Olivant, VAC, J. Lyon and VTC which were already purchasing cocoa in the instituted to review the operation and administration of the internal marketing of cocoa recommended among several things the dissolution of the Cocoa Purchasing Company.
The company was therefore disbanded alongside the other expatriate buying firms. The United Ghana Farmers’ Cooperative Council (UGFCC) was subsequently formed as the sole Licensed Buying Agency for the Cocoa Marketing Board (COCOBOD). Its operated for Ten (10) years up to 1966. After the coup, internal marketing of cocoa was again liberalized. This saw the re-emergence and registration of other indigenous Ghanaian companies like Sampa, Aboafo, Cocoa Farmers Company, Asempaneye Group Farmers Limited to partake and compete in the internal marketing of cocoa. Unfortunately, the indigenous companies’ operational and financial performances were bad as they subsequently became indebted to COCOBOD.
COCOBOD consequently integrated all the indigenous companies except Ghana Cooperative Marketing Association (GCMA) into a department called PRODUCE BUYING AGENCY which later became PRODUCE BUYING DIVISION in 1977. Produce Buying Division (PBD), was incorporated into a Limited Liability Company on 13th November, 1981 as a 100% state-owned enterprise and a subsidiary of COCOBOD. It granted certificate to commence business on 18th November,1981. By a special resolution of PBD’s Board of Directors, the name was change to PRODUCE BUYING COMPANY on 27th October, 1983. The Haulage Unit which was responsible for cocoa evacuation was added to this new company.
In 1993, the Government of Ghana acceded to the recommendations of the World Bank as part of the COCOA SECTOR REFORM to grant autonomy to the Produce Buying Company. COCOBOD further introduced the participation of other private companies into the internal marketing of cocoa to complete Produce Buying Company. An initial Four (4) Buying companies were therefore admitted and licensed to purchase cocoa from farmers. These companies are referred to as Licensed Buying Companies (LBC’s) and their number has since expanded to about 28.
In September, 1999, FULL AUTONOMY STATUS was granted to Produce Buying Company Limited and incorporated as a Public Limited Liability Company under the company’s Code of 1963 (Act 175).
In 17th May, 2000, the Company was listed on the Ghana Stock Exchange. It is worth noting that Produce Buying Company Limited still remains the only Licensed Buying Company (LBC) listed on the Ghana Stock Exchange.
The company at its 11th Annual General meeting (AGM) held on 28th March, 2012 passed a special resolution to change the company’s name from Produce Buying Company Limited to PBC LIMITED due to the descriptive nature of the former name which portrayed only one aspect of its authorized business being “produce buying”. This is to enable the company venture into auxiliary field of operation to complement the core function of cocoa purchasing.
Per the PBC Limited unaudited financial statement for June, 2018 third quarter, PBC Limited made a loss of GHȼ 27,100,731 compared to profit of GHȼ13,200,199 in 2017.
The lowest share trading price is GHȼ0.03 while its highest trading price is GHȼ0.10.
Currently, it shares goes for GHȼ0.03 as at 11/08/2020.
Ibrahim Obeng Abubakar
sources: pbcgh.com, GSE.