The Securities and Exchange Commission (SEC) has announced plans to introduce regulatory guidelines for foreign exchange (forex) trading in Ghana.
According to the SEC, the initiative forms part of measures to safeguard investors and strengthen Ghana’s financial sector.
Globally, forex trading accounts for an estimated US$6.6 trillion in daily transactions.
Speaking at an engagement with the Ghana Journalists Association (GJA), the Acting Deputy Director-General of SEC, Mensah Thompson, revealed that a regulatory framework is currently being developed.
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“We are currently developing the guidelines on forex trading and so very soon we are going to regulate and license forex traders in this country,” he said.
He further disclosed that the Commission is streamlining the process of verifying licensed investment companies, including the introduction of a short code system that will enable the public to easily confirm the status of genuine operators 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, commended the SEC’s initiatives and stressed the importance of collaboration between regulators and the media to promote financial literacy and protect the investing public.
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“We acknowledge the critical work of the Securities and Exchange Commission, especially recognising SEC as a crucial pillar of our nation’s economic architecture,” he added.
SP/MA
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