The Securities and Exchange Commission (SEC) has announced steps to fast-track the development of regulatory guidelines for foreign exchange (forex) trading in Ghana, a move aimed at boosting transparency, safeguarding investors, and reinforcing public confidence in the financial system.
Forex trading is the largest and most liquid market in the world, with an estimated $6.6 trillion traded daily. In Ghana, however, the sector has operated largely without direct regulation, exposing many retail traders to fraudulent schemes and unsafe practices.
Speaking at an engagement with the Ghana Journalists Association (GJA), the Acting Deputy Director-General of the SEC, Mensah Thompson, disclosed that work on a comprehensive regulatory framework is already underway.
“We are currently developing the guidelines on forex trading and so, very soon, we are going to regulate and license forex traders in this country,” he stated.
According to Mr. Thompson, the regulatory initiative is part of broader efforts to deepen Ghana’s financial markets, align with global best practices, and support economic stability. He added that SEC is also introducing mechanisms to make it easier for the public to verify licensed investment firms.
“The purpose of the short code is for easy verification of licensed operators, so investors can quickly identify genuine companies and avoid falling victim to scams,” he explained.
In recent years, many retail investors in Ghana have lost money to unregulated forex operators and online Ponzi-style trading platforms that promised unrealistic returns. Analysts believe that a clear licensing and supervisory regime will help reduce such risks, while also opening the door for structured participation in forex as a legitimate asset class.
For his part, Albert Dwumfour, President of the GJA, commended SEC’s initiative and stressed the importance of collaboration between regulators and the media in protecting investors.
“We acknowledge the critical work of the Securities and Exchange Commission. We particularly recognize SEC as a crucial pillar of our nation’s economic architecture,” he said, urging journalists to help promote financial literacy across the country.
Market observers suggest that once the framework is finalized, it could attract more institutional players into Ghana’s forex space, expand investment opportunities for individuals, and ultimately strengthen the credibility of the financial system.
