The Securities and Exchange Commission (SEC) has announced plans to fast-track the development of regulatory guidelines for forex trading in Ghana, a sector contributing to the estimated $6.6 trillion traded globally each day.
The initiative aims to enhance transparency, protect investors, and boost confidence in the country’s financial system.
According to the SEC, these efforts are part of a broader strategy to deepen Ghana’s financial markets, align with international best practices, and safeguard economic stability. During a recent engagement with the Ghana Journalists Association, Mensah Thompson, Acting Deputy Director-General of the SEC, revealed that work on the regulatory framework is already underway.
“We are currently developing the guidelines on forex trading and so very soon are going to regulate and license forex traders in this country,” Thompson disclosed.
In addition, the Commission is streamlining the process of verifying licensed investment companies, introducing a short code system to help the public easily identify legitimate firms and avoid falling victim to fraudulent schemes. “The purpose of the short code is for easy verification of licensed operators,” Thompson explained.
Albert Dwumfour, President of the Ghana Journalists Association, commended the SEC’s proactive steps and highlighted the importance of collaboration between regulators and the media to promote financial literacy and protect investors.
“We acknowledge the critical work of the Securities and Exchange Commission especially we want to recognize SEC as a crucial pillar of our nation’s economic architecture,” he said.
Analysts believe that once the regulatory regime is finalized, it will boost investor confidence, expand participation in forex trading as an asset class, and reduce the risks associated with unregulated operators who have targeted retail traders in recent years.
Source: Apexnewsgh.com
