REAC seminar to push reforms for stronger real estate regulation

 By Buertey Francis BORYOR

The Acting Chief Executive Officer of the Real Estate Agency Council (REAC), Emmanuel Jeffrey, has pledged his outfit’s commitment to implementing sweeping reforms in the country’s real estate sector to enhance investor confidence, promote transparency and ensure compliance with the law.

He stressed that the council is determined to shape the sector into a more credible and transparent one by tightening reporting lines, inspecting transactions and removing illegal operators.

“Any system that is regulated brings a lot of confidence and happiness for investors. That is key for us and its is what government wants to see. We at REAC are urging the public to have confidence in us and the entire real estate sector. We are here to work, ensure reforms and separate the bad nuts from good ones in the sector,” he said.

The council’s Ag. CEO made these remarks ahead of the upcoming National Stakeholder Engagement Seminar on Real Estate Regulation in Ghana, set for October 15, 2025 at Labadi Beach Hotel in Accra.

The event, being organised by REAC in collaboration with the Ministry of Works, Housing and Water Resources, is on the theme ‘Strengthening real estate regulation through stakeholder engagement and collaboration’.

It will expectedly bring together regulators, developers, agents, brokers and investors to exchange ideas on strengthening the industry and tackling its challenges from different perspectives.

According to him, the seminar will not only create dialogue but also serve as a platform for education and sensitisation. “It will educate the public on why they must register and obtain licences to operate legally,” he said.

He cited fraud and misrepresentation by unlicenced developers and brokers as among the sector’s biggest challenges.

“People should not just hand over money to developers without doing due diligence. We want to prevent people from being duped and government wants to see a sector devoid of problems and unethical activities,” he said.

Jeffrey emphasised that licencing and compliance remain central to REAC’s work. He said the council – created under the Real Estate Agency Act, 2020 (Act 1047) – is responsible for registering and licencing professionals, monitoring transactions and protecting consumers.

“All developers, agents and brokers must use REAC’s standard sales and purchase agreements and submit regular reports. This ensures the Ghana Revenue Authority can tax them properly and government can generate needed revenue,” he added.

Moreover, he said the council is collaborating with the Financial Intelligence Centre (FIC) to monitor transactions and prevent the sector from being used for money laundering and other illegal activities. “Every transaction has to be reported. Developers must sell in cedis, not foreign currencies. That is how we safeguard the system,” he noted.

He also said REAC is embracing digitalisation, making it easier for the public to verify licenced operators. “From the comfort of your home, you can check which developers and brokers are licenced. This is part of our reform agenda to build confidence and trust,” he said.

He hopes that the seminar will help create wider awareness of the council’s existence. “Many Ghanaians still do not know about us, even though we have been around for three years. Our first years were about setting up structures – staff, offices and systems. Now we are moving to implementation. We have started issuing licences, so this is the perfect time to tell the public they must deal only with licenced practitioners,” he said.

He warned that people who continue to deal with unlicenced agents or developers will be taking unnecessary risks. “If you deal with someone who is not licenced, you are on your own. We want to educate the public that the council is here to protect them and ensure ethical standards,” he said.

Furthermore, he underscored the importance of government support in sustaining the council’s work. “We cannot regulate effectively without resources, which is why we need more backing for awareness creation and logistics,” he explained.

Jeffrey expressed confidence that the conference will deepen dialogue, unite stakeholders and push forward reforms that guarantee a safer and more trusted industry.

Akka Kappa Ghana founder shares expectations

Also speaking ahead of the event, Jolanda Castagna – Managing Director-Akka Kappa Ghana – said she expects the seminar to push for stricter adherence to rules. She noted that the laws already exist, but the problem is only a few follow them or even know they exist.

She stressed that the seminar should also address scams, which have damaged trust in the industry. By eliminating scams, she said, investor confidence will grow, and this should benefit everyone.

Furthermore, she encouraged developers, agents and brokers to subscribe and comply with REAC’s regulations – urging the public to work with regulated companies. “This may cost more, but it guarantees peace of mind,” she emphasised.

Additionally, Castagna urged regulators to pay attention to construction standards, warning that some poor practices put buyers at risk.

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