Chief of Staff Officially Hands over New Headquarters to REAC

Chief of Staff Akosua Frema Osei-Opare has officially handed over the newly constructed headquarters building to the Real Estate Agency Council (REAC).

The ceremony, which took place on Tuesday, April 30, 2024, at REAC’s new office premises in Accra, marked a significant milestone in the government’s efforts to regulate and standardize the real estate sector in Ghana.

During the event, Chief of Staff Osei-Opare emphasized the importance of the real estate industry in driving economic growth and improving living standards for Ghanaians. She acknowledged the challenges stemming from the lack of regulation and professional standards in the sector, such as uncontrolled pricing, fraud, and high-risk transactions.

Chief of Staff Osei-Opare highlighted the government’s commitment to reshaping the real estate landscape through comprehensive reforms. She referenced the passage of the Real Estate Agency Act 2020 (Act 1047) and the establishment of REAC as crucial steps towards ensuring transparency, accountability, and professionalism in the industry.

Furthermore, Chief of Staff Osei-Opare outlined the government’s digitization agenda and its initiatives aimed at streamlining processes within the real estate sector. Plans include implementing a cloud-based licensing and regulation system to expedite licensing processes and promote efficiency in the industry.

The ceremony was attended by notable figures, including Minister of Works and Housing Kojo Oppong Nkrumah, Minister in charge of Parliamentary Affairs Osei Kyei-Mensah Bonsu, and REAC Board Chair Dr. Kojo Addo-Kuffour, among others.

Parliament passed the Real Estate Agency Act, 2020 (Act 1047), creating REAC to regulate the sector and ensure fairness and transparency in real estate transactions. Despite the legislation, REAC has faced challenges in fully operationalizing its mandate. However, with the provision of a new headquarters, the Council can now set out to work as mandated.

Minister Kojo Oppong Nkrumah commended the efforts to provide a working space for REAC, urging management and employees to quickly operationalize the Council and sanitize the sector.