Gov’t moves to restore integrity in real estate

By Buertey Francis BORYOR

The Minister of Works, Housing and Water Resources, Kenneth Gilbert Adjei, has reiterated government’s commitment to restoring integrity, strengthening oversight and rebuilding public confidence in the real estate sector.

He said government is implementing key reforms including the Real Estate Agency Act, 2020 (Act 1047) to enhance transparency, improve governance and strengthen accountability across the industry. According to the minister, these measures are aimed at addressing long-standing challenges such as regulatory lapses, fraudulent transactions and unethical practices that have eroded trust in the sector.

He added that government remains determined to create a more robust and credible framework to attract both local and foreign investment into the real estate market.

“In addressing the myriad of challenges facing the sector, we are implementing targetted policies and regulatory measures to restore integrity, enhance governance and rebuild public confidence in this critical sector,” the minister stated.

The minister – who made these remarks at the 2025 Real Estate Agency Council (REAC) Stakeholder Conference held at Labadi Beach Hotel, Accra – underscored the importance of effective regulation in restoring confidence in the sector and ensuring consumer protection.

“We need to build an environment where both investors and consumers can trust the system. This is why government fully supports operationalising the Real Estate Agency Act to ensure every player in the sector operates with transparency and accountability,” he elaborated.

The event, organised by REAC in collaboration with the Ministry of Works, Housing and Water Resources, was on the theme ‘Strengthening Real Estate Regulation through Stakeholder Engagement and Collaboration’.

It brought together a broad spectrum of stakeholders including regulators, private developers, agents, brokers, insurers, investors, the Financial Intelligence Centre (FIC) and policymakers to discuss ways of strengthening regulation and collaboration in the real estate industry.

Also, Mr. Adjei admitted that the industry has come under intense public scrutiny in recent years due to fraudulent activities, unregulated practices and unethical conduct. He said these concerns underscore the need for decisive and collective action to promote accountability and transparency.

Supporting REAC to deliver

He therefore pledged government’s continued support to enable REAC, the industry’s regulator, fulfil its mandate effectively. “We will continue providing the necessary guidance and resources to help the concil fulfil its mandate effectively.”

The minister noted that while the law has laid a solid legal foundation, the real test lies in putting it into action through stronger oversight, clear regulations and firm enforcement to bring order and credibility into the industry.

“Under our oversight, REAC has made commendable progress in putting this law into action. The required Legislative Instrument (LI) to provide full operational effect of the law is currently in advanced draft form and will soon be presented to parliament for consideration,” he added.

Moreover, he emphasised the crucial role of public education in ensuring that homebuyers, sellers and investors deal only with licenced brokers and agents. “Together, we will enhance public education campaigns to encourage working only with licenced professionals, understanding that fraud prevention begins with awareness and shared responsibility,” he said.

He lauded the council for forging strategic partnerships with key state institutions including the Financial Intelligence Centre, Ghana Revenue Authority, Lands Commission and Bank of Ghana to safeguard the market against money laundering, tax evasion and illicit financial flows.

“Regulations alone cannot address all the complex challenges we face in this sector. We must move forward through strategic partnerships and collective experience to strengthen the real estate industry,” he said.

For his part, REAC’s Chief Executive Officer Emmanuel Jeffrey said the high level of interest and engagement at the event reflected growing confidence in the council’s mandate – describing the conference as one of the most interactive and insightful stakeholder engagements the sector has witnessed in recent times.

“Participants stayed through to the end, asking practical questions and expressing optimism about the new regulatory direction. People were excited, they asked real questions and they saw that the regulator is serious. We brought everyone to the table and it created an environment of trust and learning.

“We exceeded expectations. The level of participation and energy from stakeholders was truly inspiring. I believe the God we serve – and the good work of government – made this possible. Even the rains were a clear sign of divine favor and national support for what we are building together,” he said.

He stressed the council’s resolve in building on the gains to ensure licencing, regulation and professional standards are fully implemented in line with the Real Estate Agency Act.

Moreover, he urged everyone to do due diligence before acquiring a property. “It is very important to check if a broker has registered with us. We have too many issues when people sell properties without doing due diligence. If they are not registered with us, do not do business with them,” he stressed.

The conference paved the way for deeper collaboration between REAC, real estate practitioner associations, financial institutions and state agencies. It also set the stage for development of a comprehensive framework that will shape the country’s housing and property market future.

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