SEC to regulate forex trading

The Securities and Exchange Commission (SEC) has announced plans to fast-track the development of regulatory guidelines for forex trading in Ghana, a market that contributes to the estimated USD6.6 trillion traded globally each day.

The initiative aims to enhance transparency, protect investors and strengthen confidence in the financial system.

It also forms part of broader efforts to deepen Ghana’s financial markets, align with global best practices and safeguard economic stability.

Speaking at an engagement with the Ghana Journalists Association (GJA), Acting Deputy Director-General of the SEC, Mensah Thompson, disclosed that work on the framework is already underway.

“We are currently developing the guidelines on forex trading, and very soon we will regulate and license forex traders in this country,” he said.

Mr Thompson noted that the Commission is streamlining the process of verifying licensed investment companies, introducing a short code system that will allow the public to easily confirm genuine operators and avoid fraudulent schemes.

“The purpose of the short code is for easy verification of licensed operators,” he explained.

President of the GJA, Albert Dwumfour, commended the SEC’s initiatives and emphasised the importance of collaboration between regulators and the media in advancing financial literacy and protecting the investing public.

“We acknowledge the critical work of the Securities and Exchange Commission, and we recognise SEC as a crucial pillar of our nation’s economic architecture,” he stated.