The Minister of Works, Housing and Water Resources, Kenneth Gilbert Adjei, has emphasised the government's commitment to restoring integrity and enhancing governance in Ghana’s real estate sector through the implementation of targeted policies and regulatory reforms.
Acknowledging rising concerns over fraud and unethical practices, the minister highlighted the importance of stakeholder collaboration, transparency and accountability.
He said key initiatives include the enforcement of the Real Estate Agency Act 2020 (Act 1047), with a legislative instrument in progress to ensure full operationalisation.
Mr Adjei also called for a united front in building a technology-driven, transparent and investor-friendly industry, underpinned by ethical standards, public trust and professional regulation.
He was speaking at a stakeholder engagement conference on real estate regulation, organised by the Real Estate Agency Council (REAC) in Accra.
Event
The conference, held on the theme: "Strengthening Real Estate Regulation Through Stakeholder Engagement and Collaboration," featured solidarity messages, presentations on real estate governance and land administration, as well as panel discussions and plenary sessions.
It also featured the opening of an exhibition showcasing real estate companies, tech innovations, and institutional partners, with entertainment provided by the Ghanaian indigenous music band, Kwan Pa.
Participants included representatives from the State Housing Corporation, Rent Control Department, Lands Commission, the Ghana Real Estate Developers Association (GREDA), TDC Ghana Ltd, Trasacco Properties, Ghana Real Estate Brokers and the Ghana Institute of Surveyors.
Also in attendance were the Deputy Minister of Works, Housing and Water Resources, Mrs Gizella Tetteh-Agbotui, Board Chair of REAC, Kojo Addo-Kufuor, Acting Chief Executive Officer of REAC, Emmanuel Jeffrey, CEO of State Housing Company Limited, John S. Bawah, and CEO of Star Assurance Company Limited, Boatemaa Barfour-Awuah.
Policy gaps
Mr Adjei urged participants to identify policy gaps, promote public education, and commit to collective action to ensure a competitive and credible real estate market in Ghana.
He also praised the REACT for forging strategic partnerships with institutions such as the Financial Intelligence Centre, GRA, and Bank of Ghana to tackle money laundering, tax evasion, and illicit financial flows.
"Recently, our real estate sector has come under public scrutiny with several petitions and reports of fraudulent activities, unregulated practices and unethical conduct that call for collective action to promote transparency, accountability and fairness in all real estate transactions," he said.
Commitment
The Board Chairman of the REAC, Kojo Addo-Kufuor, reaffirmed the council's commitment to regulating the real estate sector with fairness, transparency and collaboration.
He also disclosed that the drafting of the Legislative Instrument (LI) for the Real Estate Agency Act is underway, with a draft expected by the end of November.
Emphasising REAC’s role as a regulator, not a competitor, Mr Addo-Kufuor encouraged stakeholders to view the council as a partner in building a transparent, accountable, and well regulated real estate industry.
"We are here to ensure that we develop a common platform, we develop a fair platform, that we develop systems and processes that should ensure that the real estate sector indeed is sanitised and all of us can do business in as much transparency and in an accountable manner as we would want to do.
See us as your friends and not your enemies," he said.
Role of real estate
In his opening remarks, the acting CEO of the REAC, Emmanuel Jeffery, emphasised the critical role of the real estate sector in Ghana's economy, which contributes approximately 40 per cent of the GDP and provides livelihoods for many, especially in urban areas where over 70 per cent of Ghanaians reside.
He highlighted growing concerns over unregulated real estate practices, including fraud, tax evasion, and investor exploitation, which have eroded public trust and threatened sector credibility.
He emphasised that regulation is crucial to safeguard buyers, promote transparency, stimulate growth, and enhance investor confidence.
"The need for regulation is clear. Without it, our sector risks losing credibility, and our economy will suffer.
That is why we are here to shape the future of our industry and ensure its sustainability."
"The industry mantra 'Location, Profit, Self Interest' means nothing if there is no regulation.
We need compliance and transparency in our sector. So, let's do it together," he said.
