A new partnership between the Produce Buying Company (PBC) and the Ghana National Cocoa Farmers Association (GNACOFA) is being hailed as a major intervention aimed at reviving Ghana’s cocoa sector, improving farmer welfare, and restoring confidence in the country’s cocoa value chain.
The Memorandum of Understanding (MoU), signed in Accra, is expected to strengthen collaboration between cocoa farmers and buying agencies while supporting broader efforts to stabilize the cocoa industry under the supervision of the Ghana Cocoa Board (COCOBOD).
Speaking at the signing ceremony, Managing Director of PBC, Mr. Seidu Younye, described the agreement as a strategic step toward deepening ties with cocoa farmers and ensuring the sustainability of the cocoa business.
According to him, cocoa farmers remain central to the survival of Ghana’s cocoa industry, stressing that the success of Licensed Buying Companies (LBCs) depends heavily on the welfare of farmers.
“If they are doing well, then we’ll also survive as an LBC, and the industry will equally survive,” he stated.
Mr. Younye disclosed that PBC is working to secure financial facilities that would enable the company to pay farmers promptly even before reimbursement processes involving COCOBOD are completed, a move expected to reduce delays in payments and improve confidence among cocoa producers.
Deputy Managing Director in charge of Finance at PBC, Mr. Thomas Agisi, described the partnership as a “covenant of trust” and a new chapter of renewal for Ghana’s cocoa industry.
He revealed that PBC has already secured a facility backed by 30 million credited cocoa stocks to enable payments to farmers, distinguishing the company from competitors struggling with outstanding debts owed to cocoa producers.
According to him, the initiative demonstrates that PBC is actively restructuring and repositioning itself as a stronger and more reliable institution within the cocoa sector.
Mr. Agisi further announced plans to introduce farmer loyalty bonuses, input support programmes, and cooperative dividends to strengthen farmer confidence and reinforce PBC’s image as a farmer-centred company.
He said the partnership could also pave the way for innovative financing models that would reduce overdependence on traditional bank financing and stabilize cocoa procurement activities across the country.
President of GNACOFA, Mr. Stephenson Anane Boateng, described the agreement as a historic milestone that would help protect the interests of smallholder cocoa farmers while supporting the revival of PBC.
He stated that the association was established to unite cocoa farmers nationwide under a common platform to advocate for their welfare, productivity, and long-term development.
According to Mr. Boateng, the collaboration is expected to establish stronger systems and structures that directly benefit cocoa farmers, many of whom have struggled with welfare challenges and operational difficulties over the years.
The GNACOFA President also highlighted major issues affecting Ghana’s cocoa industry, including cocoa smuggling, illegal mining activities destroying cocoa farms, delays in payments to farmers, and concerns over conflict of interest within parts of the cocoa purchasing system.
He said the partnership with PBC would help restore trust, improve transparency, and strengthen the relationship between farmers and Licensed Buying Companies.
Stakeholders at the event expressed optimism that the collaboration aligns with broader government efforts to revive strategic sectors of the economy, protect farmer livelihoods, and sustain Ghana’s position as one of the world’s leading cocoa producers.
The partnership is expected to reposition PBC as a benchmark Licensed Buying Company while advancing reforms aimed at promoting transparency, accountability, and farmer welfare within Ghana’s cocoa industry.
Story by Osman Issah Abadoo
