Ghana Real Estate Agents Face Imminent Crackdown

The Real Estate Agency Council will soon intensify its efforts against real estate agents operating without proper licenses. This action targets unlicensed individuals and firms across Ghana. Jacob Adofo-Ansong, President of the Ghana Association of Real Estate Brokers (GARIB), announced the crackdown. He is also a board member of the Council. This announcement came at a recent meeting with the Bank of Ghana. The meeting focused on the collateral registry system. Stricter enforcement will shield consumers. It will also rebuild trust in the real estate industry. Mr. Adofo-Ansong urged professionals to deter illegal business practices. He stated that licensed professionals and regulatory bodies are now in place. These structures address misconduct and safeguard consumers. Many unlicensed operators are currently in the market. He asked licensed professionals to report illegal activities. Inspections of offices and operations will occur soon. Firms and individuals found without licenses will face legal consequences. The Real Estate Agency Act, 2020, transformed the profession. It established clear standards and licensing requirements. Previously, real estate brokerage operated informally. The Act now requires registration and accountability. Unregistered operators undermine legitimate businesses. They also expose the public to fraud and disputes. GARIB highlighted the Bank of Ghana’s Collateral Registry. This system helps prevent property fraud. Brokers should know this system. It prevents the marketing of properties already pledged as loan collateral. Professionalism involves responsibility, not just deals. It means protecting clients from problems. It demands due diligence in every transaction. Many institutions now support this regulatory push. Banks require proof of licensing for business accounts. Local assemblies check licenses for signboards. International bodies are also engaging licensed practitioners. The Council is increasing the visibility of licensed professionals. This makes it easier for the public to identify legitimate agents. Illegal practices will become less attractive. The media should guide the public toward licensed agents. Generalizing misconduct harms the entire profession. As the industry grows, all stakeholders share responsibility. Stronger enforcement and education are key. These efforts will make Ghana’s real estate safer. They will also make it more reliable and respected. Fred Asiamah-Koranteng of the Bank of Ghana emphasized regulation. Sound regulation protects the industry and its people. The Borrowers and Lenders Act, 2020, is vital. The Collateral Registry promotes a secure lending environment. Transparency is crucial in financial deals. It fosters trust among all stakeholders. Understanding property transaction risks is important. Despite reforms, public awareness remains a challenge. The Bank of Ghana conducts financial literacy programs. These aim to build trust in the credit system. Real estate professionals are key enablers. They ensure transparency and due diligence. They must uphold trust within the industry. Adherence to laws is essential for sector players.