Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
A consortium of banks could in the coming days move to confiscate and auction the assets of the Produce Buying Company (PBC) to recover debts exceeding 300 million cedis.
This follows a decision by an Accra High Court on March 10, 2026, to dismiss an application for a stay of execution, effectively giving the green light for the banks to proceed with the judicial sale of PBC’s assets.
The development means that buildings, operational facilities, vehicles, and other assets belonging to PBC could soon be auctioned to defray the debts, which could exceed 300 million cedis when interest and other charges are factored in.
Joy Business understands that the challenge stems from a loan facility extended to PBC by a consortium of banks.
Following the company’s default on its repayment obligations, the banks pursued legal action to recover their funds.
The courts in 2024 ruled in favour of the banks and granted them the right to attach and sell PBC’s assets.
Source: newsthemegh.com