SANITIZE THE REAL ESTATE INDUSTRY- ASENSO BOAKYE CHARGES NEW BOARD

The Minister for Works and Housing Francis Asenso Boakye (MP) has charged the Board of Directors to guide the newly established Real Estate Agency Council to put together a robust operation that will curb the challenges facing the industry, particularly, fraudulent transactions related to real estate.

The Sector, the Minister observed has become an easy avenue where criminals hide their millions from the state – thereby depriving the government of the requisite revenue for developmental projects as well as the funding of terrorism and other unlawful activities in recent times.
The Works and Housing Minister made these statements when he inaugurated an 11-member Board of Directors of the Real Estate Council today in Accra, following the promulgation of the Real Estate Agency Act, 2020 (Act 1047) in December 2020 by President Akuffo Addo.

The purpose of this law is to regulate real estate agency practice, commercial transactions in real estate including the sale, purchase, rental and leasing of real estate and related fixed assets. Under the law, it is only a person licensed as a real estate broker who can provide services associated with real estate transactions. Therefore, any person who performs real estate services without a license commits an offence.

Despite the growth of the Real Estate industry in Ghana with its corresponding increase in the number of real estate agents, property brokers and consultants, the industry has for many years been without a regulator, thereby leaving it to the arbitrariness of industry players.

The establishment of the Council, the Minister indicated could not have come at a more appropriate time in ensuring that the country takes the course of regulation and licensing by statute in a drive to sanitize the system and make it fair for all players.

Asenso Boakye said the Real Estate sector, which presents enormous opportunities can no longer be overlooked, adding that the sector has the potential of opening the industry for both local and foreign direct investments and in the process drive economic growth, particularly in job creation for the country’s teaming skilled and unskilled youth as well as reducing the deficit in the national housing stock.

While assuring his full support and that of the Ministry, the Minister implored the Board to use their respective expertise in the industry to make the Council work, through the establishment of a solid foundation and more importantly assist the Government in putting in place corrective measures to manage the high cost of housing in the country.

On behalf of the Board, the Chairperson, Mr. Kojo Addo-Kufour expressed his appreciation for being selected to undertake such an enormous responsibility for the country. He, therefore, assured of their readiness to deliver on their mandate to bring sanity to the real estate agency practice and transactions.

The rest of the Board are Seth Nana Amoako of the Financial Intelligence Centre, Fred Asiamah-Koranteng of Bank of Ghana, Iddrisu Kasim of Ghana Real Estate Professionals Association and Samuel D. K. Amegayibor of Real Estate Developers Association.

The others are Surv. Emmanuel Kofi Cobbold of the Ghana Institute of Surveyors, Surv. Carlis Appiah Brako of Land Commission, Alberta Siaw Kwarko of Ministry of Works and Housing, Sheila H. Darkwa, Nana Ama Serwah Nyarko and Nana Otu Turkson.

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