Regulate forex trading for Ghana’s benefit – Gov't urged

The Chief Executive Officer (CEO) of Women-in-Forex, Gifty Annor-Sika Asantewaa, says Ghana will be at a disadvantage if forex trading is not regulated.

Ms Annor-Sika Asantewaa believes with the proliferation of social media and the internet, governments barely have the opportunity to control anything virtual but can put in place measures to regulate them.

She expressed fear that if the forex sector is not regulated, many Ghanaians will fall victim to fraudulent individuals.

“Regulation has become an issue and if we have the attention of policymakers now, we will tell them to speed up the process for forex trade. If this is not done it is going to be to their own detriment," she said.

"At this point, everyone is on social media and gov’t cannot control the number of people who go online. If citizens go there because there are no regulations they fall into the hands of fraudulent people. If these happen, unsuspecting victims suffer and lose money,” she told YLeaderboard Series host, Rev Erskine of the ‘Myd Morning Radio Show’ fame.

Highlighting the potential benefits of forex trading to the country, she revealed that Ghana cedi can appreciate in value.

“Because we don’t have any domestic platforms where we trade, traders have to convert their cedis into dollars. This means more Ghanaians will be chasing the dollar, making the cedi weaker in the process.”