The Barter Economy In Ghana’s Oti Region

Barter appeared to be a thing of the past until recently when the Ghana Government’s Gold For Oil Policy came into vogue. A novelty that exchanged Ghana’s gold bars with crude oil from the Emirati Kingdom in the Arabian Gulf.

An innovative means of curbing the flight of scarce dollars from Ghana as part of the measures adopted by the Akufo-Addo administration to stabilize the Ghanaian currency, the Cedi, and conserve foreign exchange. This has had some positive effects on the economy that galloped with inflation from 2021.

The above awakens a reminiscence of the study of rudimentary economics which emphatically states that barter was to be eliminated by the cash system. Well, it still lingers on but is largely confined to a part of Ghana.

What many may not be aware of except those who live by it, is that the economy of Oti region in Ghana is fifty percent barter. The direct exchange of goods without money explains this medium of exchange. When you visited any of the markets in the Oti region, barter is the cornerstone. People exchange foodstuffs with livestock or even electricals and other manufactured products.

At Dambai, Kwamekrom, Abotiase, Kadjebi, Kpassa, Worawora, Kete-Krachi, and other major market centers in the newly-created region, people exchange goods in a barter form. Speaking to The Ghana Report, a man who had arrived on the scene with goats indicated that the animals will go for cement bags necessary to put the finishing touches to his kitchen. He reckoned at least 15 cement bags out of this barter.

Another man had brought bags of cassava hoping to catch those who formulate gari from the produce. They normally pay cash for his regular supplies but then, if they were not ready to pay cash, his exigencies would have directed him to exchange it with other goods which suit his immediate interests.

Unimpeachable sources on the ground have said that they had ocular proof of women exchanging jewelry, clothes, and beads for other items. To obviate the cumbersome search for matching needs, some people have constituted themselves into links to engender and facilitate the exchange of goods and even services. The middlemen and women have their own analog charts on the provisions available for exchange. They, therefore, set about looking for persons who need them and are willing to part with their goods and services.

A skill may also be engaged in barter where it is paid with tangible goods.

Looking into the crystal ball, the Oti region barter trade is only waiting to hit the stride of sophistry once the exchange regime is formalized and digitized.