The term ‘trash’ fish has been used to denote fish, usually non-targeted, that are caught as by-catch, and normally command no price in the market. Ecologists have long objected to this notion because in the natural system no creature is trash, they argued. In this paper, we demonstrate that even from the economic perspective, the term ‘trash’ fish is problematic, as what is considered trash in a given place and/or time may actually be treasure in another place and/or time. We demonstrate this in the case of Ghana. The current paper describes the organization of the trash fish business in Ghana, and the composition of marketed trash fish. It also determines the effects of the trash fish business on fish stocks and fishers’ life, as well as suggests possible management interventions to ensure sustainable fish exploitation.