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The Securities and Exchange Commission (SEC) is working to speed up the development of regulatory guidelines for forex trading in Ghana, a market that is a part of the estimated $6.6 trillion that is traded every day worldwide.
The move aims to raise investor confidence in the financial system, increase transparency, and safeguard investors.
According to the Commission, the initiative forms part of broader efforts to deepen Ghana’s financial markets, align with global best practices, and safeguard economic stability.
Mensah Thompson, the Acting Deputy Director-General of the SEC, disclosed that work on the framework is already underway during an engagement with the Ghana Journalists Association.
“We are currently developing the guidelines on forex trading and so very soon are going to regulate and license forex traders in this country,” he disclosed.
Mr. Thompson added that the Commission is also streamlining the process of verifying licensed investment companies, to help the public easily identify genuine firms and avoid fraudulent schemes.
“The purpose of the short code is for easy verification of licensed operators,” he explained.
For his part, the President of the Ghana Journalists Association, Albert Dwumfour, applauded the SEC’s initiatives and underscored the need for collaboration between regulators and the media to promote financial literacy and protect the investing public.
Analysts suggest that the regulatory regime, once finalized, could boost investor confidence, expand participation in forex as an asset class, and minimize risks associated with fraudulent operators that have exploited retail traders in recent years.
Source: myghanadaily
