Experts in forex trading, have made a claim for the introduction of the subject matter into the curriculum of schools in the country, especially tertiary level to equip young graduates with the requisite skills to venture into the US$5 trillion global market at an early stage.
With the teaming unemployed graduate and the youthful population ever-increasing in the country and the continent without the ability of the governments to provide jobs to accommodate their resources, providing alternative skills that can create jobs and be revenue-generating streams have become eminent. And with forex trading considered one of the most viable business ventures that require minimal capital to start, the experts call for intensification of its skill transfer through the academic system.
Forex trading or the foreign exchange market, commonly referred to as the FX, is the global marketplace for the trading of one nation’s currency for another. This market determines foreign exchange rates for every currency including all aspects of buying, selling, and exchanging currencies at current or determined prices.
With access to a smart device and internet connectivity, one is capable of trading in any currency and from any location. The experts believe the current graduates should not be left out from cashing in on these low-hanging fruits.
Head, Electronic Banking, Universal Merchant Bank, Dr. Myles Christian Hagan, stated that the need to create an enabling environment for the youth to thrive in the digital space cannot be overemphasized and initiatives such as providing the needed digital skills in schools like forex trading skills are important now.
“At the very basic level, computer education is critical so we have to make sure graduates have the technical know-how skills in computer programming so that they can use such skills to build upon their potential.
Forex trading is also about using analytical skills which could be projected with the use of Microsoft office tools, to estimate, predict, and forecast. These tools are already available and what educational institutions should be doing when this is introduced into the curriculum is to be able to show how to analyze the numbers using the trends of currency rise and fall which is easy to understand at the tertiary level,”
He added that a student at the tertiary level understands the numbers and terminologies like interest rate, forex rate, and depreciation of a currency, among others, and these are the basic knowledge required so it can be done well to reduce the risk involved.
Considered the biggest financial market in the world with footprints from central banks to retail investors, FX empowers everyone to potentially see profits from currency fluctuations related to the global economy.
Forex Coach and Founder, Women in Forex initiative, Gifty Sika Asantewah Annor, explained that the basic technical analysis elements of trading forex can be learned in a few weeks, but the risk management and psychology will take longer to grasp – the more one practice trading, the better.
She added that over the past two to three years, the ‘Women in forex’ initiative under the ‘Elevate Ghana Forex’ project, held free trading classes for tertiary institutions including Ho Technical University, University of Ghana, Koforidua and Kumasi Technical University, among others and the massive reception from students who were eager to learn and take on the challenge was impressive. Therefore, the introduction of the subject matter to the curriculum would drive interest further, provide the fundamental skills and produce a generation of graduates with self-employment digital tools.
She, therefore, urges authorities to consider the addition of FX in the development of academic curricula to introduce the students and provide the basic requirements that would enable them to trade and make some income to even pay for their fees and hostel fees.
