A stakeholder workshop aimed at developing the necessary instruments for the drafting of the Real Estate Agency Council (REAC) Legislative Instrument (L.I.) is currently underway at the Central Hotel.

The workshop has brought together key stakeholders from the Ministry of Works and Housing (MWHWR), Ghana Real Estate Professionals Association (GREPA), Ghana Institution of Surveyors (GhIS), Ghana Association of Real Estate Brokers (GAREB), and the Attorney General’s Department.

The session seeks to provide a collaborative platform for participants to deliberate on the framework, guidelines, and structures needed to facilitate the drafting and implementation of the REAC L.I., which will strengthen regulation and professional standards within Ghana’s real estate sector.

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Key Themes & Messages

1. Integrity & Compliance as Foundational Pillars

The Government signalled its intent to restore and reinforce integrity within Ghana’s real estate space. The Minister emphasised the need for stronger regulatory oversight to curb fraudulent practices, unlicensed agents, and unethical development activities. REAC reaffirmed that the enforcement of the Real Estate Agency Act, 2020 (Act 1047) is central to its mission — ensuring that brokers, agencies and developers are licensed, ethical and accountable.

2. Collaboration Across the Value Chain

The Government signalled its intent to restore and reinforce integrity within Ghana’s real estate space. The Minister emphasised the need for stronger regulatory oversight to curb fraudulent practices, unlicensed agents, and unethical development activities. REAC reaffirmed that the enforcement of the Real Estate Agency Act, 2020 (Act 1047) is central to its mission — ensuring that brokers, agencies and developers are licensed, ethical and accountable.

2. Collaboration Across the Value Chain

REAC highlighted that effective regulation cannot rest solely with the regulator. Strong partnerships between the public and private sectors, professional bodies, consumer groups, and financial institutions are essential to align policy, market practice, and consumer protection.

3. Technology, Data & Transparency

Speakers underscored the importance of technology in improving transparency through data-driven systems — including licensing registries, transaction tracking, and digital platforms. Leveraging these innovations can make the sector more efficient, credible, and investor-friendly.

4. Raising the Bar for Professionals

The conference stressed the need for higher standards in professional conduct, emphasizing licensing, continuing professional development (CPD), ethics training and compliance. A well-trained workforce builds consumer trust and enhances industry credibility.

Outcomes & Next Steps

• REAC committed to intensifying enforcement of licensing requirements and disciplinary measures for non-compliance.
• A roadmap for enhanced stakeholder engagement was outlined — including digital feedback systems and structured policy forums.
• Development of the Legislative Instrument (L.I.) for implementing Act 1047 and an educational program for unlicensed practitioners commenced.
• REAC announced plans to strengthen its data analytics framework for better market transparency and monitoring.
• Registration of real estate firms officially begins on Monday, 3rd November 2025.
• Professional bodies pledged to collaborate on training programs, consumer awareness initiatives, and digital transaction platforms.
• The conference ended with a call for collective responsibility among all stakeholders to foster a trustworthy and resilient real estate sector.

Why This Matters

Ghana’s real estate market is evolving — driven by urbanisation, housing demand, foreign investment, and rising consumer expectations. However, challenges like unlicensed operators, poor transparency, and weak consumer protection persist.

By convening this national forum, REAC has demonstrated its commitment to shifting from reactive regulation to proactive, stakeholder-driven governance. This marks a turning point for the industry, promising greater accountability and professionalism.

Looking Ahead: What to Watch

• Implementation of the Roadmap: The real test lies in translating conference commitments into real-world reforms.
• Impact on Consumer Confidence: Improved transparency and enforcement could significantly increase public trust.
• Industry Professionalisation: Monitoring how effectively standards and ethics are upheld will be crucial.
• Data & Technology: Adoption of digital tools for licensing, compliance and analytics will shape the sector’s future.

In sum, the REAC Conference 2025 marked a pivotal step forward for Ghana’s real estate sector — bringing together the right voices, defining the right priorities, and setting a bold reform agenda. The next challenge lies in execution, but if collaboration continues, Ghana’s real estate industry is set for a more transparent, credible and sustainable future.

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The objective of the engagement is to deepen discussions on sustainable regulation of the real estate industry in Ghana, ensure effective enforcement of the Real Estate Agency Act, 2020 (Act 1047), and promote collaboration between public and private sector stakeholders. Speaking ahead of the event, REAC emphasized the importance of robust regulatory frameworks to protect consumers, curb fraudulent practices, and attract responsible investment into Ghana’s property market. The Council also noted that stakeholder partnerships are essential for shaping policies that balance the interests of government, industry players, and the public.

The Ministry of Works, Housing and Water Resources expressed its support for the seminar, describing it as a platform to align national housing policies with emerging real estate market dynamics. The one-day seminar will feature plenary sessions, panel discussions, and networking opportunities, allowing participants to share insights on regulation, financing, compliance, and the future of technology in the real estate sector. Registration for the seminar is currently open through the official REAC channels. Stakeholders and interested participants are encouraged to secure their participation early.

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The Agency, since it is establishment by law in 2020, is yet to open its offices to the general public. On his first working visit, on Monday, February 26, 2024, Minister Oppong Nkrumah emphasized the urgency of getting REAC fully operational to regulate transactions in the real estate industry effectively.

“The contractor tells me he wants to use a little over two months to finish the work, but I have tasked him to finish the work by the end of April because we want to get the Agency functioning so that they can serve our citizens so that the difficulty our citizens go through when they are doing real estate transactions will be minimized,” he said.

Parliament in 2020 passed the Real Estate Agency Act, 2020 (Act 1047), creating the Real Estate Agency Council (REAC). This body, was tasked with regulating the sector, ensuring fairness and transparency in real estate transactions.

However, despite the passage of the legislation to fully establish and operationalize the Agency, it has been slow in executing it mandates. While the Council has been sworn in, its functions remain dormant with the CEO working from the Ministry of Works and Housing rather than from the REAC’s headquarters.

Addressing the challenges faced by REAC, the Minister stressed the need for swift action in establishing its offices expressing concern over the delay in its operationalization.

He gave the assurance that plans are underway to secure funding for the furnishing and staffing of the offices when completed.

In response to the Minister’s directives, the CEO of REAC, Nana Out Turkson, expressed gratitude for his visit and took the opportunity to further highlight the problems facing the Agency. He said it has staff deficit, logistically constrained, needs funds for its day-to-day operations, and a cloud-based system for remote engagement with clients.

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According to the Minister, this is as a result of the establishment of the new Real Estate Agency Council which is aimed at strengthening government’s anti-corruption initiatives, as well as curbing other financial malpractices in the sector.

Speaking as a guest at the Real Estate Experience Housing Fair organised by the Graphic Communication Group and the Ghana Real Estate Developers Association at the Silver Star Tower in Accra on Thursday, December 1, 2022, the Minister indicated that the Council is to regulate real estate agency practice, commercial transactions in real estate including the sale, purchase, rental and leasing of real estate.

“Ladies and Gentlemen, besides the proposals for Ghana Housing Authority (GHA), you are no doubt aware that the Government passed the Real Estate Agency Act 2000 (Act 1047) and has since set up the Real Estate Agency Council. The Council is to regulate real estate agency practice, commercial transactions in real estate including sale, purchase, rental and leasing of real estate”, he said.

He divulged that the Council is coming up with a regulatory scheme for all the players in the sector including brokers, agents, developers, marketers and managers of real estate to ensure that the standards are harmonised.

Mr Asenso-Boakye who doubles as the member of Parliament for the Bantama constituency in the Ashanti Region said that there is also the concern that, since real estate transactions, which by their nature, involve huge sums of money, the sector can easily lend itself as an avenue to wash criminal proceeds in order to gain illegitimate profits hence the need to prohibit cash payments for real estate transactions.

Source: Kyfilla

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In Ghana, the growth of the real estate industry in recent times has seen a corresponding increase in the number of Real Estate agents, property brokers and consultants. Their role is to act as intermediaries in negotiating and arranging Real Estate transactions. The industry has however been without a regulator and therefore left to the mercy of arbitrary practices of industry players. This has resulted in the sector becoming an avenue where taxable gains are hidden from the state and criminals hide or use their gains to fund terrorism and other unlawful activities.

The sector has also seen undesirable practices where for instance, prospective tenants have had to pay over the odds to view properties, agents have acted for both sides of transactions and obtained double fees by coercion, and agents have disappeared and left customers with no recourse amongst a host of others.

In a bid to protect consumers, it became necessary for the government to put regulation measures in given the sector’s importance to the economic performance of the country. This ensures that the services delivered reflect modern-day mutually beneficial practices, standardization, transparency and professionalism.

The Estate Agency Act, 2020 (Act 1047) came into effect on the 29th of December 2020. The Act set out the rules and structures to regulate the Real Estate Sector. In addition to effective regulation of industry practitioners, the Act also seeks to plug the avenues via which Real Estate transactions are used to launder money. It allows for detailed tracking of transactions and those persons involved in the transactions.

The Act further provides a framework within which the Real Estate Agency Council can facilitate, promote and regulate the desired progressive sector practices in Ghana. The Council is to achieve this end through the provision of courses and exams for persons interested in becoming brokers, licensing of estate agents, issuing of Real Estate Transaction Certificates, establishing programmes of continued professional development for both brokers and agents, establishing a code of practice, prescribing the scale of fees, as well as collaborating with other agencies on anti-money laundering to counter the financing of terrorism through Real Estate practices.

The Act creates a number of ways in which one can become a licensed estate agent or broker. Persons who are Valuation and Estate Surveyors registered by the Ghana Institution of Surveyors or Lawyers licensed by the General Legal Council can apply to become brokers or agents. There is also a route for persons who have continuously practiced as Real Estate brokers in Ghana for at least five years before the Act came into force. A further route is for those who pass a qualifying examination conducted by the Council.

When the Act becomes fully operational, one would require a license to be able to provide real estate agency or brokerage services or engage in any business connected with the provision of Real Estate agency services or Real Estate transactions. Failure to abide by the relevant provisions of the Act will result in criminal penalties.

The Act also makes reference to cashless payments and Transaction Certificates, mandating that, with each Real Estate transaction, payment should be made by bank draft, cheque or through electronic money transfer exclusively. Cash transactions will no longer be permitted.
Further, a Real Estate transaction will not be complete unless a Real Estate Transaction Certificate has been issued. It is with this certificate that you can register your land or property with the Lands Commission and therefore it should be taken very seriously. The Act prevents the Land Commission from registering any real property or interest in real property which is not accompanied by a Transaction Certificate.

The establishment of the Real Estate Agency Council could not have come at a more appropriate time. The country has taken the course of regulation and licensing by statute in a drive to sanitize the system and level the playing field. The sector is a key driver to economic growth particularly in contributing to job creation for our teaming of skilled and unskilled youth. The Act also has the potential to help increase our housing stock and reduce the price of real estate as well as open up the sector for both local and foreign direct investment thereby benefiting developers. The Act provides an opportunity to streamline a sector that is imperative to the country’s future economic wellbeing. The Council has now been constituted and is working to ensure that all the structures are in place as quickly as possible. We must all give them our support so that we can reap the benefits in the years ahead.

The author, a development planner and a fellow of the Ghana Institute of Planners is the Minister for Works and Housing and a Member of Parliament for Bantama.

By Hon. Francis Asenso-Boakye, MP

Source: Modern Ghana

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