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The Chief of Staff, Akosua Frema Osei-Opare has handed over the newly constructed headquarters building to the Real Estate Agency Council (REAC).
This follows sector Minister, Kojo Oppong Nkrumah’s charge to the board and management during his first working visit to the Agency last February to ensure the opening of its offices by April this year.
At a brief handing over event on Tuesday, April 30, 2024 at REAC’s new office premises in Accra, Madam Osei-Opare said the new office space marks government’s efforts to regulate and standardize the real estate sector in Ghana.
“The establishment of the Real Estate Agency Council and subsequently the provision of office space represents a crucial step forward in our efforts to regulate and standardize the real estate market. By providing oversight and guidance to industry professionals, the Council will ensure that ethical standards are upheld, transactions are conducted transparently, and the interests of all stakeholders are protected and empowered,” she said.
She emphasized the vital significance of the real estate industry in driving economic growth and improving living standards for Ghanaians acknowledging the challenges stemming from the lack of regulation and professional standards in the sector. She said these challenges lead to issues such as uncontrolled pricing, fraud, and high-risk transactions.
Mindful of the need for comprehensive reforms, Chief of Staff Osei-Opare highlighted the government’s commitment to reshaping the real estate landscape. She referenced the passage of the Real Estate Agency Act 2020 (Act 1047) and the establishment of REAC as crucial steps towards ensuring transparency, accountability, and professionalism in the industry.
She outlined government’s digitization agenda and its initiatives aimed at streamlining processes within the real estate sector highlighting plans to implement a cloud-based licensing and regulation system, which would expedite licensing processes and promote efficiency in the industry.
The ceremony was attended by prominent figures including the Minister of Works and Housing, Kojo Oppong Nkrumah, Minister in charge of Parliamentary Affairs, Osei Kyei-Mensah Bonsu, and the Board Chair of REAC, Dr. Kojo Addo-Kuffour and other board members of the Council as well as other well known dignitaries.
Parliament in 2020 passed the Real Estate Agency Act, 2020 (Act 1047), creating the Real Estate Agency Council (REAC). This body, was tasked with regulating the sector, ensuring fairness and transparency in real estate transactions.
However, despite the passage of the legislation to fully establish and operationalize the Agency, it has been slow in executing it mandates. While the Council has been sworn in, its functions remain dormant with the CEO previously working from the Ministry of Works and Housing rather than from REAC’s headquarters.
Mr. Oppong Nkrumah on his part lauded the concerted efforts to provide a working space for the Council. He said with a known operating space, the Council can now set out to work as mandated.
This he charged management and employees to get to work quickly in order to operationalize the Council and to sanitize the sector.
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