PBC Falls to 16-Month Low on Ghana Cocoa Forecast: Accra Mover
Produce Buying Co. (PBC), the biggest buyer of cocoa beans from farmers in Ghana fell to the lowest in almost 16 months after the Ghana Cocoa Board said its mid-crop harvest may fall from a year earlier.
The stock, also known as PBC, fell 4.8 percent to close at 20 pesewas in Accra, the capital, the lowest since March 21, 2011.
Cocobod, as the regulator is known, yesterday forecast that the mid-crop, the smaller of two annual harvests, would plunge to 42,000 metric tons from 80,000 tons a year earlier, spokesman Noah Amenyah said by phone today from Accra. PBC’s revenue depends on the number of tons of cocoa it is able to buy from farmers in a season, Xorlali Torsu, a stock trader at Databank Financial Services Ltd. in Accra, said by phone.
The company had targeted buying 55 percent of the harvest that spans July to September, Deputy Managing Director George Boateng said on June 8.
The harvest may be revised upward on good rains, Kwabena Asante Poku, deputy chief executive officer at Cocobod, said by phone today.
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