Mr Kojo Dougan of Interpay an online payment platform and also the president of the Ghana — South-Africa Business Chamber, despite his busy schedule, still finds time to trade Forex online. He is actually an avid trader and has been trading for the past 18 months. This is an example of how Forex trade has caught the attention of some Ghanaians. Online Foreign Exchange Forex trade has become very popular in Ghana not only among the financial institutions or wealthy individuals but also average Ghanaians who are ready to grasp the huge financial opportunities it offers.
Increasingly, the number of individuals showing interest in the online forex trading business keeps increasing day by day in Ghana. According to Forex Academy, an Accra based forex training institute, the sector, although new in the country is attracting a number of Ghanaians not only in the capital but across the length and breadth of the country. The academy claims that the number of people it had trained in the last two years has been very encouraging though the actual figure was not given.
This market involves buying and selling of currencies at determined prices and is said to be the most traded financial market in the world. David Apinga, a media practitioner is one such person. He has been trading Forex as a part time activity for 2 years now.
I came back to Accra, enrolled with Forex academy and started trading right away. Dougan sees the importance of forex trade far beyond personal gain but more as a means for economic benefits. He explained how Ghana can benefit economically if forex trading is encouraged in the country. Moreover, he believes it can be an alternative way to address the worrying unemployment situation in the country.
He can trade, get the experience and even open a firm to employ other people as well. We need to do more sensitization and encourage the youth. Though the current trends show how foreign exchange trade can impact positively, it however has its negative side. Globally, statistics indicate that a significant number of all new forex traders lose their entire invested capital within 3 to 4 months from trading startup, only few traders actually made some fortune from Forex.
On that note, Dougan advised potential traders to acquire the necessary knowledge and skills in trading and also start with small capital to avoid huge losses. Despite online Forex trading being a significant part of global business it remains highly unregulated in many countries. With Ghana gradually growing the sector, Forex traders are split on the issue of regulation. Some argue that regulation is necessary while others completely disagree.
Whatever the case may be, Forex trading is certainly an area worth taking a critical look at. Proudly powered by WordPress Theme:More...