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Business News of Tuesday, 27 July 2021


Regulatory framework for forex trading needed – Expert

Digital transformation and innovation expert, Dr. Myles Christian Hagan Digital transformation and innovation expert, Dr. Myles Christian Hagan

For the country to realise maximum economic gains in forex trading, there is a need for an enhanced regulatory framework that will strategically streamline activities, digital transformation and innovation expert, Dr. Myles Christian Hagan, has said.

According to him, forex trading and cryptocurrencies all over the continent have great potential of contributing to the economy and have gained momentum in recent times with huge market value. However, little or no regulatory framework is available to guide and streamline operations and this must be done urgently to protect citizens and enable the state reap its rightful gains.

“Probably, there have been a delay in regulating this sector because a lot of people need to understand the risk, potential and opportunities in this sector, and now most have understood so we have gotten to a point where there is some confidence that at this stage, we can move to the next level and make sure we get the right information, deal with the right platforms and ensure safety.

"Certain new things have been learnt in this sector and so there is the need to top up regulations with guidelines to direct people on what to do,” he said.

Dr. Myles made these remarks in his interaction with the media at the launch of the Elevate Ghana Forex Project, an initiative targeted at educating youth and women in forex trading and financial literacy.

He further commended Women in Forex Ghana, the organizers of the project, indicating that it is an initiative that is coming in at the right time to equip traders with adequate knowledge in digital currencies ahead of Bank of Ghana’s (BoG) introduction of E-Cedi.

The Elevate Ghana Forex Project is the first ever forex project initiative in the country with the aims to decipher the myth about the forex market and digital finance sector as a whole, bringing to bear the enormous career and financial opportunities the sector bestows.

It is a 10-year project with an eight months pilot session in the Greater Accra Region. The project will run in all 16 regions with the target of equipping about 5,000 Ghanaian youth, especially women, with forex trading skills by 2030.

“It is only about one out of thousand women in Ghana that is trading in forex, and our aim is to get more women into trading. It is about time women got involved and take this as a pandemic proof mechanism to develop multiple streams of income strategy.

This training goes beyond just forex to financial markets and digital trading. We foster an environment of collaboration/partnership and networking, as well as encourage innovative skillset to meet current trends and financial challenges,” Founder, Women in Forex Trading Ghana, Gifty Annor Sika, said.

Women in Forex Ghana is dedicated to delivering effective and excellent financial literacy training and services with integrity using both proven and innovative methods with much focus on the youth, especially women.