The Ghana Chamber of Construction Industry is calling on the Real Estate Agency Council to create more awareness on its operational Act.
The Council was commissioned late last year in accordance with the Real Estate Agency Act.
Chief Executive Officer of the Chamber, Emmanuel Cherry, said the Real Estate Agency Council must work to enlighten the public on the Act to protect them.
He stated that “They need to sensitize the entire public for the public to know that these are the provision made in the act. And then this is what if you do, you may be set free. If you do otherwise, you may be short-changed. So, these are some of the areas that we’re expecting the council to be proactive on.”
“We don’t know what exactly is keeping them, but it’s early days yet. We are hoping that they will do a lot of engagement, stakeholder engagement and then sensitisation workshops.”
The Real Estate Agency Act seeks to regulate real estate agency practice, the conduct of real estate practitioners, commercial transactions in real estate including its sale.
It also covers the purchase, rental, and leasing of real estate, as well as other real estate transactions.
All these are geared towards riding the industry of fraud, laundering of illegal income, and tax evasion to minimise the effect of these vices on the national economy and the image of the country internationally.
The Ghana Chamber of Construction Industry has been one of the proponents of the law.
Commenting on the Real Estate Agency Act, Mr Cherry said, “the act is something that is going to be a game-changer in the sector of real estate. That’s, in the brokers’ sector as well as the agent sector. Because today you and I know that a lot of people call themselves real estate brokers and agents who are misleading a lot of innocent property potential buyers and then the rent owners and what have you.”
“So the system is completely being hacked into, and then most people are also using that particular system for money laundering. So today that particular act has been a very welcoming tool that is going to help develop the real estate sector.”