Accra: The Real Estate Agency Council is preparing to intensify its crackdown on unlicensed agents and brokers across Ghana, following growing concerns about illegal practices in the sector. Mr Jacob Adofo-Ansong, President of the Ghana Association of Real Estate Brokers (GARIB) and a Board Member of the Council, made the disclosure at a stakeholder engagement with the Bank of Ghana on the collateral registry system, in Accra, on Thursday.
According to Ghana News Agency, Mr Adofo-Ansong emphasized that stricter enforcement would protect consumers and restore confidence in the industry, urging industry professionals to make illegal practice difficult and unattractive. He highlighted the presence of a regulatory body, licensed professionals, and a lawful structure in place to address misconduct and protect consumers.
Mr Adofo-Ansong acknowledged the presence of numerous unlicensed operators in the market, urging professionals to help safeguard the sector by speaking up and reporting such illegal practices. He announced that the Council would soon intensify its monitoring and enforcement activities, including inspections of offices and operations, to ensure compliance with licensing laws.
With the implementation of the Real Estate Agency Act, 2020 (Act 1047), the profession has become a regulated business with clear standards, licensing requirements, and disciplinary processes. However, concerns persist over individuals operating outside the law, which undermines the credibility of licensed professionals and exposes the public to fraud and disputes.
The GARIB President highlighted the role of the Bank of Ghana's Collateral Registry system in preventing property-related fraud and encouraged brokers to familiarize themselves with it. He stated that professionalism in real estate extends beyond closing deals to include protecting clients from avoidable problems and ensuring due diligence in transactions.
Institutions across Ghana are beginning to support the regulatory push, with banks now requiring proof of licensing before opening business accounts for real estate firms, and local assemblies checking licenses before approving signboards and billboards. Mr Adofo-Ansong noted that even diplomatic and international communities are becoming more intentional about engaging licensed practitioners.
Efforts are underway to increase visibility for licensed professionals, making it easier for the public to identify legally operating agents and brokers. The Council Member urged the media to guide the public towards licensed agents and brokers, promoting stronger enforcement, collaboration, and education to make Ghana's real estate sector safer and more reliable.
Mr Fred Asiamah-Koranteng, Head of the Collateral Registry Department at the Bank of Ghana, highlighted the importance of sound regulation in protecting both the industry and the public. He called for transparency in financial transactions to foster trust and uphold stakeholder confidence in the real estate industry.
Despite reforms over the past 15 years, limited public awareness remains a challenge, prompting the Central Bank to intensify its financial literacy and outreach programs. Mr Asiamah-Koranteng urged real estate professionals to ensure transparency, due diligence, and trust within the industry, emphasizing the importance of obeying the laws.