Government advances Legislative Instrument to sanitise real estate sector
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 targeted regulatory reforms.
This includes the imminent finalisation of a Legislative Instrument (L.I.) for the Real Estate Agency Act, 2020 (Act 1047).
Event
Speaking at a stakeholder conference organised by the Real Estate Agency Council (REAC) in Accra, the Minister addressed rising public concerns over fraud and unethical practices.
"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 stated.
He confirmed that a key initiative is the full operationalisation of Act 1047, stating, "We are implementing targeted policies and regulatory measures to restore integrity, enhance governance and rebuild public confidence in this critical sector."
Policy gaps
Providing a concrete timeline, the Board Chairman of REAC, Kojo Addo-Kufuor, announced that the drafting of the crucial Legislative Instrument is actively underway.
"The drafting of the Legislative Instrument (LI) for the Real Estate Agency Act is underway, with a draft expected by the end of November," he disclosed.
Commitment
Mr Addo-Kufuor reaffirmed the Council's collaborative approach, urging stakeholders to comply with ongoing licensing of agents, brokers, and firms.
"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... See us as your friends and not your enemies," he said.
Role of real estate
The Acting CEO of REAC, Emmanuel Jeffery, underscored the necessity of regulation for a sector that contributes approximately 40 per cent to Ghana's GDP.
"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," he said.
He concluded with a powerful call for compliance, stating, "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."
