Abstract
The paper examines the existing economic situation and how it operates following the introduction of cage culture. It assesses the challenges facing major fishing communities along the Volta Lake and describes government’s role. Using a participatory rural appraisal, questionnaire administration and participant observation, data were gathered from two districts in the Volta Basin of Ghana. Key areas of the study included, limited accesses to information, ownership control of the means of production, financial institutions, decision making with regards to resource use, and management and investments in fishery. The result shows that soaring prices of fishery implements due to high exchange rates, coupled with declining fish stocks have reduced the profitability of the processing and sale of fish. About 60% of fishers interviewed agreed that the bulk of fishers have contributed to the decline in fish stock in the Volta Lake. Fishers also outlined three challenges namely the lack of access to information on best practices, high interest rates on loans (10% - 40%) and lack of proper structural and institutional arrangements that account for the poorly regulated and managed fishery sector. It is expected that the introduction of cage culture innovation will promote sustainable production, distribution and improvement in fishery services and help to address the basic problems of fishing communities in the Volta Basin of Ghana. However, a review of local and national institutional arrangements for regulation and management of the fisher sector are crucial for long-term sustainability.
Highlights
How to cite this paper: Amu-Mensah, M
Markets are based on institutions which according to Douglass North (1990) is the formal and informal rules that restrain human economic behaviour. They include political institutions that develop laws, the cultural traits of society that direct people’s tastes and behaviours, and other organizational structures such as fishing corporations, telecommunication, and financial institutions that provide financial services for its clients or members and non-profit organizations that make up the economy
The study population of 182 in both villages give a higher proportion of males than females, suggesting further exploitation of the lake for fishing activities is a preferred activity for majority of men in the riparian communities
Summary
How to cite this paper: Amu-Mensah, M. The economic institutions, in this context are thought of as organizations, that engage in or provide services or products deemed economically central to a community’s economy This is in addition to the organizations in the society that are integral to the economic system or culture, such as the banking systems, investment markets or even a custom or tradition, such as providing family members with loans or children with weekly allowance www.wisegeek.com/what-factors-affect-economic-growth-rates.htm. Markets are based on institutions which according to Douglass North (1990) is the formal and informal rules that restrain human economic behaviour They include political institutions that develop laws, the cultural traits of society that direct people’s tastes and behaviours, and other organizational structures such as fishing corporations, telecommunication, and financial institutions that provide financial services for its clients or members and non-profit organizations that make up the economy. (2003) as a result of stagnating or even falling market prices, partly owing to an increase in the number of people who depend on fish as food and sources of income. Lenselink (2002), indicated that this dependency, may go far beyond those immediately engaged in fisheries to include a vast number of local and distant consumers
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