PBC relaunches shares

Koforidua, Dec. 14, GNA - All licensed cocoa buying companies can export 30 per cent of their purchase as from next year while the remaining 70 per cent are to be exported through the Ghana Cocoa Board.

Mr Paul K. Owusu, Financial Controller of the Produce Buying Company, made this known in response to a question at the launching of PBC shares at Koforidua on Monday.

He said this facility is aimed at cutting down on the fixed cost of the company and to ensure that "PBC becomes a profitable company" which could pay higher dividends to shareholders despite the falling world market price of cocoa.

The direct exportation of the cocoa purchased by PBC will enable it to have access to foreign currencies to pay for its import requirements without "going through the fluctuating foreign exchange market".

PBC has proposed to its workers to allow it to use their monthly deductions of the provident fund to purchase 24 million shares or five per cent of the total share of the company owned by the government at 400 cedis a share with effect from January next year for the next 24 months.

Mr Owusu said PBC staff who would be retrenched as a result of the privatisation would be required to use 10 per cent of their retrenched compensation to purchase shares if they so wish. By the proposal, management staff will be required to use not less than 25 per cent of their basic salary to finance the purchase of the shares offered to PBC workers.

Mr Owusu said any worker who could raise funds from other sources apart from the proposed sources would be allowed to buy extra shares. He said marketing clerks would be made commissioned officers after the privatisation of the PBC and would be paid commission on the value of the total amount of cocoa beans purchased.

They will, therefore, not be entitled to PBC salary. He said management had decided that the purchase of shares in the company would be a condition for the engagement of any of the marketing clerks continuing to work with the PBC.

Mr Ato Amponsah-Dadzie, Chief Deputy Manager of Operations of the National Trust Holding Company, who relaunched the shares, called on the workers of PBC to change their attitude to work. He urged them to offer constructive criticisms and suggestions that could move the company forward into the next millennium. GNA