The Ghana Association of Real Estate Brokers (GAREB) has launched the Ghana Institution of Real Estate Brokers, a new initiative aimed at promoting professionalism and capacity building within the industry.
The institution will serve as a dedicated training hub for real estate brokers and agents.
Speaking at the launch, GAREB President, Jacob Ansong, underscored the importance of the institute in addressing challenges in the real estate sector.
“This initiative is a significant step towards equipping professionals with the skills and knowledge needed to uphold the highest standards of practice,” he said.
In its inaugural session, 39 individuals were inducted as certified real estate brokers or agents under the association. The certification process aligns with the Real Estate Agency Law, ensuring compliance with ethical standards.
To strengthen ethical behaviour and professionalism among members, GAREB says it plans to introduce membership cards for certified professionals and reiterated its strict code of ethics.
It warned that members found breaching these standards will face repercussions, reflecting the association’s commitment to discipline and accountability.
A major focus of the institution is to combat unethical practices, such as rogue agents demanding money upfront to show properties.
“It is illegal to request payments before showing properties to prospective buyers or renters. Genuine brokers earn their income through commissions,” Mr. Ansong clarified.
The association acknowledged the damaged reputation of the profession and the challenges posed by the voluntary nature of membership. However, Mr. Ansong assured the public that GAREB is committed to instilling sanity and professionalism in the sector.
The Ghana Institution of Real Estate Brokers represents a pivotal move towards a more robust and respected real estate industry in the country.
Commenting on the initiative, Hanna Atiase, Chief Executive Officer of E.Welle Realty and Consultancy, said: “This institution will help develop professionals of integrity and transparency, raising the standards of real estate practice”.
Real Estate Agency Council to promote professional standards
The Real Estate Agency Council, established under the Real Estate Agency Act, 2020 (Act 1047), is set to streamline the real estate industry through licensing and regulation.
The Council, according to its Chief Executive Officer, Nana Otu Turkson, aims to bring order and professionalism to the sector by ensuring that all individuals and firms engaged in real estate transactions comply with the law.
Speaking as the guest of honour at the event, he stated that registration of brokers, agents, and firms will commence soon, with full implementation expected before the end of the year.
Once registered, brokers and agents will be identifiable through QR codes, which clients can scan to verify their credentials.
“We aim to bring sanity into the sector by ensuring only licensed professionals operate. If you choose to engage unregistered agents, the mechanisms under the Act cannot assist you if issues arise,” Mr. Turkson
The Council emphasised that the regulatory framework would enhance transparency and create a fairer pricing system in the real estate market. It aims to eliminate disparities caused by the lack of data, which often leads to varying prices for the same property based on factors such as the buyer’s background.
The new regime also addresses professionalism and ethical standards. All registered participants in the industry will be required to adhere to a code of conduct and complete continuous professional development courses annually.
Broad coverage of regulation
The Act mandates that anyone involved in real estate activities—such as selling, purchasing, leasing, or renting properties—must register as a broker or agent. This includes developers who sell properties directly. Failure to register will result in penalties or legal action under the Act.
The Council highlighted that public education will play a key role in raising awareness about the new regulations. It urged Ghanaians to avoid informal operators and instead engage licensed professionals for their real estate transactions.
Money laundering risks
The Council also seeks to tackle money laundering risks within the sector. The registration and regulation of professionals are expected to improve accountability and transparency, making it easier to track financial activities.
The Council urged all stakeholders to prepare for the upcoming registration process. It assured the public that the regulatory framework is designed to protect their interests while supporting legitimate businesses.
“This regulation is not intended to scare or disrupt businesses but to ensure a balanced system that safeguards public trust and supports professionals in the sector,” the Council’s CEO stated.
