As Ghana’s property market continues to attract both local and foreign investors, the Real Estate Agency Council (REAC) is shifting its focus toward restoring public trust and cleaning up fraudulent practices that have long undermined the sector’s credibility.
Acting Chief Executive of REAC, Emmanuel Jeffrey, said the council is stepping up efforts to bring integrity, transparency, and accountability to the fast-growing real estate industry.
“We want to prevent people from being duped by unlicensed developers and brokers,” Mr. Jeffrey said. “The sector has suffered too many credibility issues. It’s time to separate the bad nuts from the good ones.”
Mr. Jeffrey revealed that REAC is now working closely with the Financial Intelligence Centre (FIC) to monitor real estate transactions and block the sector from being used for money laundering and other illicit financial flows.
“Every transaction must be reported, and developers must sell properties in cedis, not foreign currencies,” he noted. “This is how we safeguard the system and ensure compliance with national financial laws.”
The Council, established under the Real Estate Agency Act, 2020 (Act 1047), is mandated to license and regulate all agents, brokers, and developers, while monitoring sales to ensure fair taxation and consumer protection.
Jeffrey said the Council’s new reforms include tighter reporting systems, mandatory use of standard sales and purchase agreements, and digital tools that allow Ghanaians to verify the legitimacy of real estate professionals.
“From the comfort of your home, you can check which developers or brokers are licensed,” he explained. “This is part of our broader digital reform to build public confidence and protect property buyers.”
Despite being established three years ago, Mr. Jeffrey admitted that public awareness about REAC’s existence remains low. It aims to correct that by educating the public on licensing requirements, registration procedures, and compliance obligations.
“Many Ghanaians still do not know we exist. Our first years were about setting up systems and structures. Now, we’re moving into full implementation and enforcement,” he said. “Anyone who deals with unlicensed developers is taking unnecessary risks.”
He also appealed for stronger government backing, saying REAC cannot effectively regulate the industry without adequate logistical and financial support for nationwide enforcement and public sensitisation.
Jolanda Castagna, Managing Director of Akka Kappa Ghana, added that real estate scams have seriously eroded investor confidence, both locally and internationally, and called on developers and brokers to comply fully with REAC’s regulations.
“Working with licensed professionals may cost more, but it guarantees peace of mind,” she said.
She also urged regulators to pay closer attention to construction quality and safety, warning that some developers cut corners, putting buyers at risk.
“A regulated system brings confidence and happiness for investors. That’s what government wants to see, and that’s what we are working toward,” Mr. Jeffrey said.
As Ghana’s housing demand continues to soar, the message from REAC is clear, transparency, compliance, and accountability will define the next chapter of the country’s real estate growth story.
