Historical Background
In the beginning...
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, UAC, J. Lyon and UTC which were already purchasing cocoa in the colonial era.
In 1956, the Jibowu Committee, which was 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 Licenced Buying Agency for the Cocoa Marketing Board (COCOBOD). It 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.
Produce Buying Division...
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.
Produce Buying Company...
By a special resolution of PBD’s Board of Directors, the name was changed to PRODUCE BUYING COMPANY on 27th October, 1983. The Haulage Unit which was responsible for cocoa evacuation was added to this new Company.
Re-Introduction of LBCs...
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 compete 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 (LBCs) and their number has since expanded to about 28.
Full Autonomy...
In September, 1999, FULL AUTONOMY STATUS was granted to Produce Buying Company to be known as Produce Buying Company Limited and incorporated as a Public Limited Liability Company under the Company’s Code of 1963 (Act 175).
In 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.
Change of Company’s Name...
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 fields of operation to complement the core function of cocoa purchasing.
Member of Ghana Club 100...
Currently, the Company is a proud member of the Club of Ghana’s most prestigious 100 companies known as “Best 100 Companies League” (Ghana Club 100), which other companies look up to in their quest to attain commendable performance levels.
Subsidiaries
