The maiden Board of the Ghana Real Estate Agency Council has been tasked to put together a robust operation that will lead to reduced rents and capital values of property.
Minister of Works and Housing, Francis Asenso-Boakye, said, a thriving real estate sector should not be allowed as the conduit for industry players to exploit consumers.
He, therefore, asked the Board to focus on the implementation of the Estate Agency Act, 2020 (Act 1047) for effective regulation of the sector and ensures Ghana derives the expected benefits.
Additionally, he said, the government was looking to the Council for data that would inform the initiation of corrective measures to manage the high prices of real estate.
He was speaking in Accra yesterday during the inauguration of the Board of the newly established Ghana Real Estate Agency Council, following the passage of the Real Estate Act in December last year.
The Act primarily to regulate the Real Estate agency practice, covering sales, purchases and the rental of Real Estate and related fixed assets.
Chaired by KojoAddo-Kuffour of Ghana Home Loans, other members include Emmanuel Kofi Cobbold, Ghana Institute of Surveyors; CarlisAppiahBrako, Lands Commission; Fred Asiamah-Koranteng, Bank of Ghana; Alberta SiawKwarko, Ministry of Works and Housing and Seth Nana Amoako, Financial Intelligence Centre.
The rest are Samuel Amegayibor, Ghana Real Estate Developers Association; Nana OtuTurkson, Real Estate Agency Council; Nana AmaSerwahNyarko, Real Agency Expert; IddrisuKasim, Ghana Real Estate Professionals Association and Sheila Darkwa, Real Estate Agency Expert.
The Minister said, after years without a regulator, the sector had become an easy avenue where criminals hide their millions, thereby depriving the government of the requisite revenue for developmental projects as well as the funding of terrorism and other unlawful activities in recent times.
He reminded the Board of the need for an effective regulatory and licensing regime to sanitise the sector saying that “although you have a daunting task, I am confident you can be up and running in very good time.”
The real estate sector, MrAsenso-Boakye said, offered numerous opportunities for economic growth which could not be overlooked.
“The sector is a key driver to economic growth, particularly in contributing to job creation for our teaming skilled and unskilled youth. Aside from this, it could potentially open up the sector for both local and foreign direct investments thereby benefiting developers immensely and potentially reducing the deficit in our housing stock,” he added.
Mr. Addo-Kuffour, on his part, expressed gratitude to government for the opportunity and acknowledged the need for regulation to curb illegalities in the sector.
He pledged that the Board would focus on ensuring that the country benefits from the sector which had seen a sharp growth in recent years.
BY CLAUDE NYARKO ADAMS