Some members of PBC’s board of directors
The Board of the Produce Buying Company (PBC) Limited could not recommend the payment of any dividend to shareholders this year as a result of the negative income surplus account that arose out of the losses incurred in earlier years.
This came to light when the PBC held its annual general meeting at the Osu Presbyterian Church Hall recently to present to shareholders and relevant stakeholders its annual report for the 2014/2015 year.
Chairman of the Board Captain Kwadwo Adunkwa Butah announced that the positive expectations arising out of the improved margins failed to materialize, as national output of the produce unexpectedly declined throughout the season.
National targets originally fixed at 900,000 tons therefore had to be revised downwards.
This poor outlook presented the company with total earnings of GH¢1,470,972,519, an increase of 29.2 percent over that of the previous year’s figure of GH¢1,138,631,772.
In terms of investments, the PBC Shea factory, he noted, has not been completed for operations to begin at full capacity.
A total amount of GH¢110,000 was spent in this respect. It is expected that when the company’s earnings improve in subsequent years it will become possible to improve this particularly for the benefit of farmers.
Despite the gloomy picture painted by the report, the prospects of the company seem bright, as the company intends to improve the operations of cocoa farmers and yield.
The company is therefore instituting an input Supply Programmes, which will metamorphose into the certified bean programmes.
By Ernest Pappoe