Players in Ghana’s real estate brokerage industry have been urged to prioritise transparency, due diligence, and proper property verification processes to strengthen investor confidence and improve trust within the sector.
The call follows persistent concerns over land litigation, fraudulent property transactions, and inadequate documentation, which continue to affect the credibility and growth of the real estate industry.
Speaking on behalf of the Director of the Collateral Registry Department of the Bank of Ghana (BoG), Mr. Fred Asiamah-Koranteng, at a stakeholder engagement in Accra, officials stressed that transparency remained essential to safeguarding investments and ensuring integrity in property transactions.
The engagement, organised by the Ghana Association of Real Estate Brokers (GAREB) in collaboration with the Bank of Ghana, sought to educate brokers and agents on the Borrowers and Lenders Act, 2020 (Act 1052), the operations of the Collateral Registry, and the importance of conducting property searches before concluding transactions.
The programme was held on the theme: “Strengthening Stakeholders Confidence through a Comprehensive Understanding of the Borrowers and Lenders Act, 2020 (Act 1052) and the Operations of the Collateral Registry.”
According to Mr. Asiamah-Koranteng, conducting searches to identify existing encumbrances on assets was critical in reducing risks, preventing fraud, and protecting buyers and investors.
“It is important for industry players to appreciate the need for proper checks before properties are marketed or sold because these measures help to strengthen confidence in the sector,” he said.
He explained that the Borrowers and Lenders Act, together with the establishment of the Collateral Registry, formed part of key reforms aimed at improving Ghana’s credit system and creating a safer lending environment.
Mr. Asiamah-Koranteng noted that the law mandates the Bank of Ghana to operate the Collateral Registry to facilitate the registration and public notification of security interests, thereby reducing information gaps and improving transparency within the financial system.
Despite the reforms, he observed that awareness about the operations of the Collateral Registry remained relatively low among stakeholders and the public.
He said the central bank had therefore intensified financial literacy and stakeholder engagement programmes to educate industry players and strengthen confidence in the country’s credit delivery system.
The President of GAREB, Mr. Jacob Adofo Ansong, acknowledged that real estate brokerage activities in Ghana had traditionally operated largely on trust, informal arrangements, and personal relationships.
According to him, the lack of proper due diligence had resulted in situations where unsuspecting buyers purchased lands or properties already used as collateral for loans.
“Professionalism is not only about finding buyers or closing deals. It is also about responsibility and protecting clients from avoidable problems,” he stressed.
Mr. Ansong urged brokers and agents to familiarise themselves with systems such as the Collateral Registry, noting that clients often depended on their guidance before engaging lawyers or financial institutions.
He also called for stronger collaboration among institutions including the Lands Commission, Financial Intelligence Centre, Real Estate Agency Council, Ghana Revenue Authority, banks, lawyers, valuers, and surveyors to improve transparency and make the sector more secure and reliable.
Industry players at the event emphasised that improving transparency and strengthening regulatory compliance would be critical to attracting investment and restoring confidence in Ghana’s growing real estate market.
