The Real Estate Agency Council will soon intensify its crackdown on unlicensed real estate agents and brokers across Ghana. This move comes amid growing concerns about illegal practices within the property sector.
Mr. Jacob Adofo-Ansong, President of the Ghana Association of Real Estate Brokers (GARIB), announced the crackdown. He stated that stricter enforcement is needed to protect consumers. Licensed professionals and a lawful structure are now in place to address misconduct. Many unlicensed operators are currently active in the market. GARIB urges professionals to report these illegal practices.
This intensified enforcement is part of a broader regulatory push in Ghana. The Real Estate Agency Act, 2020 (Act 1047) transformed the profession. It established clear standards and licensing requirements. Previously, real estate brokerage operated with less formal oversight. The existence of unlicensed individuals undermines credibility. It also exposes the public to potential fraud and disputes. Banks now require proof of licensing for business accounts. Local assemblies check licenses for signboards. International entities also seek licensed practitioners.
Mr. Adofo-Ansong emphasized that professionalism involves more than closing deals. It requires responsibility and due diligence. The collaboration with the Bank of Ghana on its Collateral Registry system is also crucial. This system helps prevent property-related fraud. Brokers are urged to understand it to avoid selling properties already pledged as loan security. Mr. Fred Asiamah-Koranteng from the Bank of Ghana stressed the importance of regulations. He highlighted their role in protecting the industry and citizens.
The Council aims to increase the visibility of licensed professionals. This will make it easier for the public to identify legitimate agents. Illegal practices will become less attractive as a result. The media has a role to play in guiding the public. They can help direct consumers towards licensed agents. Greater responsibility falls on all stakeholders as the industry grows. Stronger enforcement, collaboration, and education will make Ghana's real estate sector safer and more reliable.
The Bank of Ghana's Collateral Registry system, established under the Borrowers and Lenders Act 2020 (Act 1052), is a key innovation. It aims to reduce risk and promote a secure lending environment. Despite reforms, public awareness remains a challenge. The Central Bank continues financial literacy programs to build trust.
Moving forward, consumers should verify agents' licenses. This ensures they engage with credible professionals. The Council's actions will shape the future landscape of real estate transactions in Ghana. This regulatory enhancement is expected to boost investor confidence.