Business News of Friday, 31 July 2020
Source: Class FM
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Hundreds of national service personnel have benefitted from a seminar on online forex trading to benefit from the over US$6.6 trillion daily global financial markets.
Participants were introduced to platforms, guidelines, regulations and some best practices to succeed at trading.
This was spearheaded by the Forex Trading Academy, an online forex training institute in Accra.
Online forex is an alternative for graduates entering the job market in times of COVID-19 that has crippled many companies.
Job seekers have been admonished to utilise the internet during the crises to make a living via online exchange platforms.
“Your smartphone can connect you easily to the global financial market and you will start making revenue with the right training, mentorship and information,“ Forex Analyst and Director of FxAcademy and Consultancy, Lennis Glover, told an audience of about 500.
The webinar was organised in collaboration with the Greater Accra National Service Personnel Association (NASPA)..
Mr Glover entreated young people to embrace the gig economy where they can build skills to provide services to multiple entities without necessarily being employed by a single firm.
One of such ways is the ability to analyse financial markets, to buy or sell currencies, commodities, stocks, bonds or futures.
“It is a path to financial freedom, and anyone can trade in the comfort of their home at their home at their personal, convenient times,” he added.
This has prompted the FxAcademy to train people to be independent online forex traders who have an advantage in filling roles in research, trading floors, risk management and compliance, among others.
Players in sectors that require such skills include exchanges, banks, corporate treasuries, investment firms.
With the assistance of South African self-made millionaire forex trader Sandile Shezi, FxAcademy hopes to equip more than 5000 young people with the skills to trade within the next two years.
In a recent webinar, Mr. Glover, a professional trader with over 15 years’ experience, who serves as Mentor and Master Trainer at FxAcademy and Consultancy, also highlighted the benefits to the economy.
COVID-19 has resulted in mass redundancies, downsizing and closure of operations by several firms.
The situation is not unique to Ghana, as The Guardian reported in June that more than 17.8 million workers had lost their jobs in the US.
A study by the African Union (AU) estimated up to 20 million jobs at risk due to the coronavirus.
The Trades Union Congress (TUC) has said that about 500, 000 job losses have been recorded in Ghana since the pandemic struck.
Mr Glover, an author of two online forex books, identifies trading as a means to make a living and empower young people.
He highlighted the vast potential for Ghanaians as he indicated that Africa “has not been participating in the global financial markets”.
He is, therefore, advocating direct involvement with more individuals, entities and financial firms playing active roles to expand Africa’s participation.
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