The Produce Buying Company (PBC) has refuted claims by the Ghana Cocoa Board (COCOBOD) that it has released a total amount of GHS511million to for cocoa purchases for the 2018/2019 crop season.

According to the State Owned cocoa buying company, although it has received some money from the COCOBOD for cocoa purchases, the quantum is in sharp contrast to what the COCOBOD is claiming to have released to it.

In statement signed by its Chief Executive Officer, Kofi Owusu Boateng, and released in Accra, Monday, the PBC said it has so far received GHS471million from the COCOBOD, a claim which is GHS40million below what the COCOBOD has stated to have released to it.

Out of this amount, GHS390 was secured as Seed Fund while the remaining GHS81million was for Cocoa Taken-Over Receivables (CTORs) for the current crop season.

“The amount has been sued to purchase about 62,000 tonnes of cocoa. Meanwhile, our purchases report for week 6 to COCOBOD shows that PBC has purchased a total of 67,567 tonnes of cocoa, the difference of which is yet to be paid for. We wish to put on record that PBC has actually purchased more cocoa than the Seed Fund given by COCOBOD could purchase contrary to what COCOBOD sought to portray in their statement”, the statement in part read.

According to the PBC, it is working closely with their Bankers to secure additional bank guarantees to enable it to access more funding from the COCOBOD.

“This would enable PBC pay for all credited stocks from our loyal farmers. Besides, it is important to state that quick turnaround of seed fund is very crucial in the business. As at today, PBC has submitted CTORs of GHS104million to COCOBOD which remains unpaid”, the statement in part further noted.