'Akufo-Addo and Bawumia's day of shame!' – Mahama reacts to PBC assets seizure over debt

Former president John Mahama has slammed President Akufo-Addo and Vice President Dr. Mahamudu Bawumia, describing as shameful the confiscation of some assets of the Produce Buying Company (PBC).

In a tweet, the former president captioned a news report video saying, “Akufo-Addo and Bawumia's day of shame! Banks tow away PBC’s assets for auction. From 30% market share in 2016 to 0% share in 2024.”

The woes of Produce Buying Company Limited (PBC) deepened as the Agricultural Development Bank (ADB) and five other banks secured a court order to sell off the assets of the company including its headquarters located at Dzorwulu Junction in Accra.

In addition to the order, the banks have been granted permission to prevent any sale or transfer of assets of PBC Limited.

The development comes after the six banks including; ADB, Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa secured an order against PBC Limited.

The attachment order granted under the hand of Chief Justice, Her Ladyship Gertrude Torkonoo was secured by the banks after PBC Limited failed to honor its debt obligations owed to the six banks despite an earlier judgement granted in favour of the banks back in October 2023.

The attachment order, according to Citi News, is captured on the premises of PBC’s head office at Dzorwulu. It prohibits any person or entity from acquiring any interest or assets on the property.

The court order secured by the six banks, therefore, highlights the severity of PBC’s financial situation and comes as a response to the company's perceived failure to honor its debt obligations to the plaintiffs.

Akufo-Addo and Bawumia's day of shame! Banks tow away PBC’s assets for auction.

From 30% market share in 2016 to 0% share in 2024. pic.twitter.com/AevkWjhuET

— John Dramani Mahama (@JDMahama) January 27, 2024