Minister for Works and Housing Kojo Oppong Nkrumah (KON) has charged the Real Estate Agency Council (REAC) to swiftly commence operations to sanitize the real estate industry following the official handover of its new headquarters building.
The move, followed Mr. Oppong Nkrumah’s ‘s earlier directive to REAC’s board and management during his first visit to the Agency in February 2024 upon resumption of duty as Sector Minister.
In 2020, Parliament passed the Real Estate Agency Act, 2020 (Act 1047), which established the Real Estate Agency Council (REAC) with the mandate to regulate the real estate sector and ensure fairness and transparency in transactions.
Despite the passage of this legislation aimed at fully establishing and operationalizing the Agency, progress has been slow.
Although the Council has been sworn in, its functions have remained dormant with it CEO operating from the Ministry of Works and Housing instead of from REAC’s headquarters.
With the new headquarters established, Mr. Oppong Nkrumah stressed the urgency for REAC to begin operations.
“To the staff and the Council, I urge you to continue with the same renewed energy and laser focus. No stories, excuses or explanations. Let us deliver and bring relief to the many of our citizens who need our services. Let us make excellence a habit in this agency. Ghanaians will notice and will be proud of us,” the Minister said.
He said the establishment of REAC and its new headquarters mark a significant development in regulating Ghana’s real estate sector emphasizing that the lack of full opertionalisation had led to challenges such as uncontrolled pricing, fraud, and high-risk transactions.
The ceremony was attended by prominent figures including the Chief of Staff, Akosua Frema Osei-Opare; Minister in charge of Parliamentary Affairs, Osei Kyei-Mensah Bonsu, and the Board Chair of REAC, Dr. Kojo Addo-Kufuor and other board members of the Council as well as some well-known dignitaries.
