Chief of Staff officially hands over headquarters to Real Estate Agency Council

During the handover ceremony in Accra, Madam Osei-Opare stated, "The establishment of the Real Estate Agency Council and subsequently the provision of office space represents a crucial step forward in our efforts to regulate and standardize the real estate market."

She highlighted the importance of the sector in driving economic growth and improving living standards, acknowledging the challenges stemming from the lack of regulation.

She further added, "By providing oversight and guidance to industry professionals, the Council will ensure that ethical standards are upheld, transactions are conducted transparently, and the interests of all stakeholders are protected and empowered."

The event was attended by key figures including the Minister of Works and Housing, Kojo Oppong Nkrumah, and the Board Chair of REAC, Dr. Kojo Addo-Kuffour.

Mr. Oppong Nkrumah commended the efforts to provide a working space for the Council, stating, "With a known operating space, the Council can now set out to work as mandated."

The establishment of REAC and the provision of office space mark significant progress in the government's efforts to reform the real estate sector.

The Council, created through the Real Estate Agency Act, 2020 (Act 1047), is tasked with regulating the sector and ensuring fairness and transparency in real estate transactions.

However, despite the passage of the legislation, the Council has been slow in executing its mandates.

With the provision of a new headquarters, it is expected that REAC will now be able to fully operationalize and begin its work of sanitizing the sector.

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