Tackling Fraud and Weak Governance
Acknowledging growing public concern over fraud, unregulated agency activity and unethical practices in the real-estate market, the minister emphasised the need for stakeholder collaboration, transparency and accountability. He noted that “decisive and collective action” is required to repair trust and ensure Ghanaian citizens and international investors alike can engage with confidence.
A key focus: enforcement of the Real Estate Agency Act, 2020 (Act 1047) and its legislative instrument (LI), still under preparation which is designed to make the real-estate agency profession fully operational, regulated and credible.
Technology, Regulation & Capacity Building
Beyond the Act itself, Mr Adjei urged the industry to adopt a “technology-driven, transparent and investor-friendly” model where professional standards, digital monitoring and strong regulation underpin every transaction. He commended the Real Estate Agency Council (REAC) for forging partnerships with institutions like the Financial Intelligence Centre (FIC), the Ghana Revenue Authority (GRA) and the Bank of Ghana, to address illicit financial flows and tax non-compliance in the sector.
Conference Highlights & Participation
The conference, themed “Strengthening Real Estate Regulation Through Stakeholder Engagement and Collaboration,” brought together key players: the Ghana Real Estate Developers Association (GREDA), the State Housing Company (SHC), the Lands Commission, the Rent Control Department, major developers and tech-providers. A highlight was an exhibition showcasing real-estate technology innovations alongside companies driving the sector’s future.
Addressing Structural Costs and Market Access
In other remarks, Minister Adjei pointed out structural headwinds that increased development costs and constrained affordability, including encroachment on quarry and sand-winning sites which, he noted, has driven construction-material transport costs up by as much as 23%.
He reiterated that the sector’s reform agenda must go hand-in-hand with improved efficiency, infrastructure cost-sharing, private-sector partnerships and access to finance, so that real-estate development can become truly inclusive.
The Road Ahead
The government’s reform initiative marks a significant turning point for Ghana’s real-estate sector. The real challenge lies in translating these regulatory commitments into visible, sustained action: full operationalisation of REAC, issuance of the LI, rollout of digital transaction monitoring, and enforcement of licensing and transparency standards.
As the minister stressed:
“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.”
