Ministry of Works and Housing to collaborate with Real Estate Agency Council
Through the Real Estate Agency Act, 2020, the Real Estate Agency Council will regulate real estate practice and commercial transactions in real estate including the sale, purchase, rental and leasing of real estate
The Ministry of Works and Housing is collaborating with the Real Estate Agency Council to help deal with challenges confronting the real estate industry.
Speaking at the Real Estate Agency Council board seminar on Wednesday (2 August), the Minister for Works and Housing, Francis Asenso-Boakye said his ministry would support the council in implementing the Real Estate Agency Act to ensure proper regulation of the real estate industry.
“The establishment of the council, however, walks with its promise of sanitising the real estate industry in the country. To this end, the ministry will continuously support the council in implementing the Real Agency Act, 2020, Act 10(47). The challenges of our time require us to deliver quality public services with very limited resources,” says Asenso-Boakye.
In an interview with Asaase news, the Board Chair of the Real Estate Agency Council, Kojo Addo Kufuor, highlighted the significance of the council and how it will help tackle real estate related issues, which include the issuing of licenses to real estate agencies, clamping down on fraudulent activities facing the sector, and money laundering.
“The Real Estate Agency Council is an entity that has been created by the government to regulate the real estate business. When you think of all the real estate agents that individuals use to rent and sell property, at the moment, that sector is not regulated, and it presents all kinds of risks for the public.”
According to him, “Assuming you give money to an individual to find a property for you and something happens, there is no way of tracking your funds.”
“Therefore, the Real Estate Council will take care of that. We will also issue licenses to real estate agents to ensure transparency. Some aspects of the Act will also deal with issues of money laundering. This seminar will provide an excellent framework for us to address real estate issues in a structured manner.” Mr. Kojo Addo Kufuor highlighted.”
In attendance at the seminar were people from the Ministry of Finance, The Attorney General’s Department, the Public Services Commission, and representatives from Dombo University.
Reporting by Stephen Freeman in Accra
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