3,500 Yaa Asantewaa Girls SHS students trained in digital finance

The Women in Forex project emphasizes its importance for Sub-Saharan Africa. The United Nations projects that the region's population will double by 2050. Currently, 60 percent of this population is under 25 years old. This makes Africa the youngest continent in the world.

The growing youth population presents both opportunities and challenges. Internet access among African youth rose from 24.4 percent in 2018 to 90 percent in 2020. However, many online activities are unproductive despite available career opportunities.

These statistics highlight a chance for growth if young people are empowered and trained. It’s crucial to include youth in decision-making processes and provide job training opportunities. The UN estimates that 16 million young Africans face unemployment each year.

On average, 11 million young people enter the labor market annually. Yet, only 3.7 million jobs are created each year, creating a significant gap. Felicia Asamoah, headmistress of Yaa Asantewaa SHS, noted that her school started a digital finance skills program with Women in Forex.

Gifty Annor-Sika Asantewah, CEO of Women in Forex Ghana, stated that Yaa Asantewaa Girls is the first school to benefit from this program. She believes teaching saving and investment skills early will help students make better financial decisions later on.

“It’s essential to educate them young,” she said. “This knowledge is vital during times of unemployment and pandemics.” Mr. Abosi, Head of Academics at the school, mentioned misconceptions about forex trading make it less appealing.

He stressed the need for early education to dispel these myths. Training students in financial literacy gives them an advantage in capital markets and encourages exploration of careers in forex trading.

“The goal is to equip youth with relevant skills for better livelihoods,” Gifty added. This training aims to promote productive online engagement and reduce cybercrime while supporting government efforts to lower unemployment rates.

The foreign exchange market is the most liquid market globally. In 2019, its global GDP was around US$142 trillion, with a total worth of US$2.4 quadrillion across over 170 currencies traded according to the Bank of International Settlements.

The IMARC group predicts a six percent annual growth rate for the forex industry over the next five years. The industry remains relatively new in Africa, especially Ghana, highlighting the need for education and training to create future career opportunities for African youth.