1 out of 200 online forex traders in Ghana is female
• 1 out of 200 online forex traders in Ghana is female
• This was revealed in a research conducted by Women in Forex
• The report estimated that the cost of underutilization of online forex trading market to be US$200 million annually
Women in Forex’s latest research has pointed that less than 2% of the 15 million female population in Ghana are involved in forex trading.
According to the report even though online forex trading has expanded economic independence for many Africans, women are most marginalized on this front.
This development, it said poses threats to achieving the Sustainable Development Goals to empower women, reduce poverty and unemployment as well as create career opportunities.
Speaking to Joy Business, President of Women in Forex Gifty Annor-Sika Asantewah described the situation as startling.
“This is startling news. Most women see online forex as a black market ridden with high risks and criminal activity – far from that. Most women also see this niche market as the preserve of males..it’s also not true. It is important that these ill-perceptions are addressed to make up a level playing field for all,” she said.
Meanwhile, Gifty Annor-Sika has estimated the cost of underutilization of the online forex trading market to be US$200 million annually.
She called on government to work around the clock to regulate the market forex market.
“The market is barely regulated. Non-existence of regulation and exact policies have made the venture into online forex trading illegal. This has bred a whole cartel of black market operatives. In all, US$200 million has been lost by the state for its failure to regulate the space,” she revealed.
Forex trading is still green in Africa, especially in West Africa. There are few individuals engaged in it and currently, people are beginning to venture into it in Ghana.
The Ghana Stock Exchange is yet to begin trading in that space, whilst the cedi is not tradable due to its constant fluctuation on the global market.
The GSE is limited to stocks and bonds, and this limitation has impacted negatively the Ghanaian economy and its currency.
Women in Forex is a forex association of professional forex financial market analysts in Ghana and West Africa.