HON. ASENSO-BOAKYE OPENS 2ND AFRICA REAL ESTATE CONFAB AND EXPO

The Minister for Works and Housing,  Hon. Francis Asenso-Boakye has called on players in the real estate industry to adopt environmentally friendly technologies including the usage of local building materials, solar energy and climate responsive building strategies as a way of helping preserve the natural environment and reduce harmful waste.

The Minister made this known when he opened the 2nd edition of the Africa Real Estate Conference and Expo (ACRE’22) in Accra on Monday, September 12, 2022.

Acknowledging the importance of the Real Estate Industry to the growth of the economy, the sector minister believes collaboration between government and the private sector will further drive macro-economic growth, deepen financial inclusion and provide job opportunities, among others, adding that “the Ministry is prepared to offer support for the needed enabling environment for the Sector to thrive”.

On the need for a firm legislative and institutional framework to guide the operations of the industry, Asenso-Boakye stated that, following the enactment of the Real Estate Agency Act, 2020 (Act 1047), government has since established the Real Estate Agency Council (REAC) to regulate real estate agency practice in the country. He expressed joy at the fact that the Ghana Real Estate Professionals Association (GREPA) has a full representation on the Governing Board of the institution.

Owing to the increasing demand for development of high-rise and compact properties in urban areas, the Minister said government will soon finalize processes to pass the Condominium Bill to manage the use of common area in a bid to maximize limited land in Real Estate development.

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