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Business News of Tuesday, 16 November 2021

Source: www.ghanaweb.com

How GIJ student lost GH¢200,000 in online forex trading

Online forex trading has not been regulated in Ghana Online forex trading has not been regulated in Ghana

A student has allegedly lost GH¢200,000 in online forex trading

Some innovation expert wants full regulation on forex and crypto trading

They believe the state can also rake in benefits from forex and crypto trading


Despite little or no formal regulation on online forex trading, cryptocurrencies in Ghana, the activity seems to be popular among the youth.

Starr FM Ghana has reported that a final year student of Ghana Institute of Journalism (GIJ), identified as Nancy Asante Bannor has reportedly lost a sum of GH¢200,000 in online forex trading.

Details of the report said roommates of Nancy Bannor who seemed to be an ardent online forex trader was also the go-to person and agent who has wooed many people to engage in the activity.

While the loss in sum may be huge, Nancy Bannor is said to have left a suicide note behind in what can be described as a cry for help to the Almighty God.

In the note sighted by Starrfm.com.gh, Miss Asante Bannor said, "I don’t know what the night has for me and what awaits me but the only thing I pray for now is death and nothing else. Please tell God to forgive me and if possible, give me another chance. I can’t kill myself at home that’s why I came back and I can’t do it here as well. Please forgive me".

Meanwhile, one of the roommates of Nancy Bannor, whose currently nowhere to be found, recounted to the portal, "they returned from church service Monday night [November 15, 2021] to see a note from their friend narrating her ordeal and the fact that her clients do not appear to believe that the investment has indeed been depleted on the trading platform."

The case has however been reported to the Adabraka police after Nancy Asante Bannor absconded leaving a note.

Some digital transformation and innovation experts have since been calling for a regulatory framework to be made available to guide and streamline operations for forex trading and cryptocurrencies.

They argue that this must be done urgently to protect citizens and enable the state to reap its rightful gains.

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