It is time to regulate Forex Trading Business in Ghana – Accum FX Boss tells Govt.

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The Managing Director of Accum Forex Trading (FX), Raymond Avornyoh. CGMT, has emphasized the need for the government of Ghana to regulate forex trading business so the country can reap the full benefits of a burgeoning industry. According to him the industry is worth $5 trillion every day and if properly regulated, not only will the government rake in significant revenues through tax, but it will also lead to the creation of a lot employments for the youth.

Avornyoh is upbeat about the job creation potential of the FX business saying “it can employ everybody, especially the youth, so long as they have the skills because it is a five trillion dollar market. It is so huge, it is bigger than any industry globally, it is bigger than the mining sector, than the auto mobile sector and it is bigger than anything. When you get the training you can do it yourself, but you need the training so that you can manage your money well and avoid eye raised positions. Also, with investments, organizations can start diversifying into FX to bring opportunities for them to employ more people to analyse currencies and trade for them on daily basis.”

Avornyo stated this in an interview with ghananewsonline.com.gh on the side lines of a training seminar in Forex Trading for some interested groups in Accra. The objectives of the training is to introduce participants to the proper ways of doing Forex Trading so as not to fall victims to scammers.

“To avoid scams we need government to regulate the sector so that those companies that are into it can be identified and stopped. When government regulates the sector, what would happen is that, before you set up a company to operate FX, government will verify you, and keep monitoring you and your activities so you cannot run a scam in the system,” he stated.

Foreign Currency Trading is an international market where one currency is exchanged for the other. Traders look at a performing currency against a non performing currency, pair the two and then take advantage of the weaker one to make more money. “In simple terms we just pair a strong currency against a weak currency and benefit from the strength of the stronger currency. That’s the whole idea of foreign currency trading, and this is done online using computers and the internet. It is a five trillion dollar market daily across the world and Ghana stands to benefit from it significantly if the right steps are taken,” he explained.

According to him, there is currently a surge in the number of people who are expressing interest in FX in Ghana compared to ten years ago, and so the time is right for the government to step in and regulate the sector now for the country’s benefit.

“Ten years ago not a lot of people even knew what is online foreign currency trading, but right now we have people getting involved gradually. Right now we have YouTube, Facebook, we have a lot of advertisements being done locally, and international organisations in the foreign currency markets are also advertising and bringing some of their adverts to Ghana and so people are getting interested.

“The interest is now growing fast but it is actually growing among students more, among fresh graduates, the older population is yet to catch up but it is mostly young people and it is still a very new market, it hasn’t gone too deep in penetration though. I don’t have the statistics but I know that it is not as aggressive as it is in Nigeria or South Africa, in Ghana it is still a growing market and it is offering a lot of job opportunities,” he stated.

He believes also that FX can be a panacea to the current economic hardships and unemployment challenges that the country is facing. He urged those interested in the business to seek training and guidance before venturing into it so as to avoid falling victims to scammers.

“Currently the economy is not doing very well and most investment organizations are shutting down, however if they had the skill and are involved in foreign currency trading then they would have had the opportunity of making money from another market as against our economy that is experiencing a contraction”.

He is also advocating that the teaching of FX be introduced in Ghanaian schools, especially in the universities and polytechnics and for people studying business. He said while in school they should learn about it so that when they complete they can start practicing and earning some money.

Source: Jeorge Wilson Kingson || ghananewsonline.com.gh

 

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