Merchants are only worth it on rare, expensive resources. They are usually located on the map's egdes. Like those around Timbuktu, Scandinavia/Russia and Americas in late game.Originally Posted by Budwise
Timbuktu is at the bottom of your map. You need to go south past the moutains east of Marrakesh and then cross the Sahara desert*. It's a long 6-8 turns walk. Bring a modest army(general, cavalry and missiles), some priests and a lot of merchants.
You will need priests to convert the locals and make it easier to keep Timbuktu and the other settlement west of it. Hire cheap African mercenaries available in that region to fight for you.
Put your best merchants on the gold and ivory.
*In late game, you can reach that region by sea using carracks.
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