The Chief Executive Officer (CEO) of Women-in-Forex, Gifty Annor-Sika Asantewaa, says Ghana will be at a disadvantage if forex trading is not regulated.
Ms
Annor-Sika Asantewaa believes with the proliferation of social media and the
internet, governments barely have the opportunity to control anything virtual
but can put in place measures to regulate them.
She
expressed fear that if the forex sector is not regulated, many Ghanaians will
fall victim to fraudulent individuals.
“Regulation
has become an issue and if we have the attention of policymakers now, we will
tell them to speed up the process for forex trade. If this is not done it is
going to be to their own detriment," she said.
"At
this point, everyone is on social media and gov’t cannot control the number of
people who go online. If citizens go there because there are no regulations
they fall into the hands of fraudulent people. If these happen, unsuspecting
victims suffer and lose money,” she told YLeaderboard Series host, Rev Erskine
of the ‘Myd Morning Radio Show’ fame.
Highlighting
the potential benefits of forex trading to the country, she revealed that Ghana
cedi can appreciate in value.
“Because
we don’t have any domestic platforms where we trade, traders have to convert
their cedis into dollars. This means more Ghanaians will be chasing the dollar,
making the cedi weaker in the process.”
Source:graphic.com.gh