Mr. Francis Asenso-Boakye, the Minister of Works and Housing, has stated that the Real Estate Agency Act, 2020 (Act 1047) has become a game-changer in the revitalisation of the real estate industry in Ghana.
He said the law would help tackle the threat of inefficiencies in the real estate sector, saying that the absence of a regulator had previously allowed exploitation, fraud, and arbitrary practices, leading to some cases of consumer abuse and fraud, among others. arbitrary custom.
Considering the need to protect consumers, the Minister said it is important to take all necessary measures to ensure a free and fair market, as the real estate sector has played an important role. important role in Ghana’s economic growth.
Asenso-Boakye made the remarks during the Real Estate Agency Council (REAC) three-day panel, providing a platform for all stakeholders to discuss and share input on specific sections of the law.
Participation is also intended to provide an opportunity to learn, share knowledge, and broaden stakeholder understanding of key issues related to the latest developments in the real estate sector.
It should be recalled that in November 2021, the REAC Council, chaired by Mr. Kojo Addo-Kuffour, was established by the Government to regulate the activities of real estate companies, including buying, selling, and leasing real estate.
Mr. Asenso-Boakye stated that the establishment of the Council brought with it the promise of sanitizing the real estate industry in the country; to this end, “the Ministry will continuously support the Council to successfully implement the Real Estate Agency Act, 2020 (Act 1047).”
He charged the Board to bear the responsibility of ensuring that policies, plans, and programs formulated to guide the mandate of the Council were well thought through and implemented in an effective and efficient manner.
Mr. Kojo Addo-Kuffour, the REAC Board Chairman, said since its inauguration, the Board has engaged various stakeholders, including the Ministry of Finance, the Attorney General’s Department, and the Ghana Institute of Surveyors, to solicit ideas to help operationalize the Act.
He said currently the real estate industry was not regulated, and this created all kinds of risks for the public; hence, the need for an Act that would regulate the activities of individuals, with much emphasis on licensing real estate agents.
Mr. Addo-Kuffour said:
“You cannot be a real estate agent without a license, and if an individual chooses to deal with the agent who doesn’t have a license, then they will have themselves to blame.”
The Board Chairman mentioned that there were aspects of this that touched on money laundering and all other concerns that arise when one thinks of large sums of money.
Mr. Addo-Kuffour said the Act provided an excellent framework for the Council to address some of the concerns in a very structured manner and was hopeful that when the Council fully runs real estate transactions, they will be subjected to the articles of the Act.
