GOVERNMENT ASSURES OF ROBUST REGULATORY FRAMEWORK FOR THE HOUSING INDUSTRY- HON. ADBULAI ABANGA

The Deputy Minister for Works and Housing, Hon. Abdulai Abanga has reiterated the assurances of government to institute robust regulatory framework to regulate and enhance the activities of industry players in the housing industry.

He said the establishment of the regulatory framework and its institutional regimes will create an enabling environment and establish the platform for good and transparent practices in the housing sector.

Addressing participants of the 2022 Africa Real Estate Society Conference in Accra, the Deputy Minister indicated that government has successfully instituted the Ghana Building Code which sets out the requirements and recommendations for standards in the built environment.

“To effectively operationalize+ the Code, the Ministry has also concluded the review of the Building Regulations LI 1630 (1996), which is currently in Parliament, and when approved, will support the implementation of the Code”, he added.

Given the growth rate of the Real Estate Industry in the country, Hon. Abanga said Government has also enacted the Real Estate Agency Act, 2020 (Act 1047) to among other things, regulate real estate agency practice, the sale, purchase, rental and leasing of real estate and related fixed assets and to provide for related matters including the establishment of the Real Estate Agency Council (REAC).

He added that the Chief Executive Officer for the REAC has therefore been appointed to lead the Council to ensure the establishment of a well-functioning real estate market which will be efficient, and be backed by a transparent legal system that will match up with international standards, ethical rules, and best practices.

Having stated the efforts made by the government in the housing industry, the Deputy sector Minister called on the built professionals to also embrace modern technologies that seeks to develop smarter cities and hinge on clean and sustainable energy options such as renewable energy solutions.

The 3-day Conference which was under the theme “Redefining the Future of Real Estate in Africa” brought together members of the Africa Real Estate Society (AfRES), and a wide range of affiliates including International Real Estate Society (IRES) as well as members of sister professional bodies from North America (ARES), Europe (ERES), Asia (ASRES), the Pacific Rim (PRRES) and Latin America (LaRES).

Leave a Comment

Your email address will not be published.