Trouble is looming at Ghana’s largest licensed buying engaged in the local marketing of cocoa beans, Produce Buying Company (PBC) per information gathered.
According to sources, the is cash strapped leading to staff salaries for August yet to be paid. Due to the current situation, Staff of PBC are fuming with rage over the delay in payment of their salaries by management.
The position of PBC is a worry and many are wondering if the financial issues are related to mismanagement.
In a recently leaked internal circular of the dated September 6, 2022 and signed by the Human Resource Manager, Mrs Nanette Aryee, staff were informed PBC’s inability to pay salaries for the month of August.
The circular confirmed that the delay in payment of salaries is due to the current financial challenges facing the .
“It is the resolve of Management to continuously work around the clock to ensure payment of staff salaries for the month in question. We urge all members of staff to bear with Management even in these difficult times”, portions of leaked internal memo read.
Despite this assurance some staff of the are incensed and unhappy with their management, complaining that they do not know how they would be able to provide for their families this month.
Some staff are worried and foresee redundancy and possible closure of PBC if the current situation is not properly managed.
The questions still remain whether management is on top of their game and will salaries for subsequent months also be on hold?
Ghana is currently facing one of its harshest economic difficulties with revenue shortfalls, rising debt levels, inflation, plummeting fuel prices coupled with a rapid depreciation of the Cedi.
Government has attributed the difficulties to two main factors, the Russia-Ukraine war and the Covid-19 pandemic.
However, the Government through the Finance Minister, Mr Ken Ofori- Atta, has initiated measures to help stem the tide on the country’s economic crisis.
The country is currently locked in negotiations with the International Monetary Fund to secure a $3billion dollars economic bailout to help resuscitate Ghana’s ailing economy.
Consequently, the Auditor General has released a lot of financial irregularities in its 2021 report. Among other things, the audit showed that lapses in the management of public finances led to losses of GH¢1,080,913,824 in 2021 by Ministries, Departments and Agencies.
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