By Juliet ETEFE ([email protected])
Acting Chief Executive Officer (CEO) of the Real Estate Agency Council (REAC), Emmanuel Jeffrey, has embarked on stakeholder engagements aimed at strengthening the country’s real estate sector.
In a meeting with the Ghana Association of Real Estate Brokers (GAREB) in Accra, Mr. Jeffrey outlined plans to introduce reforms, boost investor confidence and enhance compliance with industry standards.
Speaking in an interview with B&FT after the meeting, Mr. Jeffrey stressed the need for stronger and transformative regulation – noting that effective regulation cannot be achieved without active collaboration with stakeholders.
“I believe that without stakeholders, the regulator cannot fully understand the market or enforce the rules properly. That is why I am personally visiting stakeholders to engage with them, listen to their concerns and outline my vision for the council,” he said.
He added that a robust regulatory environment will help boost investor confidence, curb fraudulent activities and position Ghana as a beacon of hope for real estate investment.
“We are coming with strong reforms and real-time transformations to ensure that market players do not operate just anyhow. Our goal is to become a model regulator that government and the country can be proud of,” he noted.
He disclosed that among the immediate plans is establishing a comprehensive and analytical property database to ensure real-time monitoring of real estate agents, developers and transactions.
According to him, the absence of such a system has contributed to regulatory gaps and money laundering risks in the sector.
“One of my key priorities is to build a transformational database where, from the comfort of your room, you can access real-time information on real estate transactions. This will help reduce fraud and ensure compliance with anti-money laundering laws,” he explained.
The acting CEO also acknowledged some lapses in the current Real Estate Agency Act, 2020 (Act 1047) – as highlighted by stakeholders – and assured that steps will be taken to engage the sector minister and parliament in addressing these concerns.
“When it comes to policies, I have to work in consultation with my minister and parliament. We will pursue the necessary reforms through consultation,” Mr. Jeffrey said.
Touching on governance, he noted that the council is awaiting the constitution of a governing board, which falls under the purview of the Minister of Works, Housing and Water Resources.
He assured that once the board is in place, decisions on policy direction and operational priorities will be streamlined.
Mr. Jeffrey reiterated his commitment to operating an inclusive regulatory regime that listens, consults and works in the best interest of all stakeholders.
“I cannot do it alone. Together with stakeholders, parliament and government, we will build a regulatory framework that ensures discipline, transparency and growth in the real estate sector,” he said.
For his part, president of the Ghana Association of Real Estate Brokers, Jacob Ansong who led the GAREB delegation, described the meeting as timely and productive – saying the association is encouraged by the new CEO’s approach and willingness to work with stakeholders.
“This engagement was crucial. He shared his vision, including plans to expedite licencing processes, foster unity among associations and address lapses in the Act. If these are implemented, the sector will see significant improvement,” Mr. Ansong said.
On the challenges discussed, Mr. Ansong pointed out that while the Real Estate Agency Act covers brokers and agents, developers are not captured under its provisions… making regulation incomplete. He stressed the importance of amending the Act to ensure developers are also brought under regulatory oversight.
Another key concern raised was low level of public awareness about the regulator’s existence of laws governing the sector. Mr. Ansong noted that many practitioners operate outside the regulatory framework, creating unfair competition for those who are licenced and compliant.
“A lot of people do not even know a regulator exists and this is affecting us. The new CEO’s emphasis on awareness campaigns is very crucial. If the public knows the difference between dealing with a professional and an unregulated agent, it will sanitise the industry,” he explained.
He also urged the public to be cautious and ensure they deal only with certified brokers and agents to avoid falling victim to fraud and money laundering activities.
“With the regulator in place and increased awareness, the real estate sector can become more disciplined, trustworthy and attractive to investors,” Mr. Ansong added.
Both parties agreed on the need for continuous dialogue and collaboration to address emerging challenges and advance the sector’s growth.
