Business News of 2013-12-15

Barter trade on the ascendancy in Ghana

Reports gathered by TV3 News indicate that the old system of exchanging goods as a form of trade appears to be re-emerging.

TV3’s Daniel Lartey reported on Thursday, December 12, 2013 that the people of Dzemeni along the Volta Basin in the Eastern Region conduct brisk business on market days through barter trading.

“There is no money in the country. That is why we are doing this,” one trader told our reporter.

Meanwhile, Samuel Ampah, Head of Research at Gold Coast Securities Limited, confirmed that most people are trading without currency because of the high rate of poverty in the country.

He cited that a fortnight ago, following a visit to Elmina, he was told of the existence of the trade in the township.

“Clearly, it tells you that people do not have a means of existence. Therefore, they will devise any system to survive,” he said on Midday live on Thursday, December 12, 2013.

Mr Ampah noted that given the current circumstances of the people, it was normal for them to engage in such system of trading.

“This economy should be able to find means of creating employment for many Ghanaians,” he advised.