Real Estate Agency Act a game-changer in Ghana’s real estate industry – Housing Minister Francis Asenso-Boakye

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Real Estate Agency Act a game-changer in Ghana's real estate industry - Housing Minister Francis Asenso-Boakye

Mr. Francis Asenso-Boakye, the Minister of , has emphasized the transformative impact of the Real Estate Agency Act, 2020 (Act 1047) on Ghana's real estate sector.

He highlighted how the law addresses past issues of inefficiency, exploitation, fraud, and arbitrary practices that plagued the industry due to the absence of regulation.

Speaking during a three-day workshop organized by the Real Estate Agency Council (REAC) Board, Mr. Asenso-Boakye underlined the Act's role in creating a fair market and protecting consumers.

He acknowledged the real estate industry's significant contribution to Ghana's economic growth and stressed the importance of maintaining a regulatory framework.

The REAC Board, chaired by Mr. Kojo Addo-Kuffour, was established in November 2021 to regulate real estate agency businesses, including purchases, sales, and rentals of real estate.

The Board engaged with various stakeholders, including the , the 's Department, and the Ghana Institute of Surveyors, to gather ideas and operationalize the Act.

Mr Addo-Kuffour highlighted that the Act introduces licensing requirements for real estate agents, ensuring a more transparent and accountable industry.

He emphasized that transactions involving unlicensed agents could lead to legal consequences. Additionally, the Act addresses concerns related to money laundering and financial risks associated with real estate transactions.

The REAC Board Chairman expressed optimism that the Act's structured framework would positively impact the real estate sector and enhance consumer confidence.

As the Act becomes fully operational, real estate transactions will be subject to its provisions, providing a more regulated and secure environment for both buyers and sellers.

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