REAC and GAREB Advocate for Data-Driven Regulation and Standardization
By Juliet ETEFE ( Juliet.etefe@thebftonine.com )
In collaboration with the Ghana Association of Real Estate Brokers (GAREB), the Real Estate Agency Council (REAC) aims to establish a stringent, evidence-based regulatory system alongside thorough sector standardization. This initiative seeks to clean up Ghana’s real estate industry.
During an event organized by GAREB in Accra, the interim CEO of the Council, Emmanuel Jeffery, highlighted the critical requirement for precise information, uniform standards, and thorough transaction audits to restore order and openness within the sector.
Our mission is straightforward: we're tasked with overseeing the real estate industry through transparent practices, effective planning, consistent oversight, and strict implementation. It's now essential for us to establish a robust database, align our processes with major governmental bodies such as the Ghana Revenue Authority (GRA), the Registrar-General’s Department, local councils, property associations, and various participants in the field. This ensures that all agents and brokers adhere strictly to the established regulations.
We definitely aim to establish a robust database encompassing every agent and broker within the nation. We will also focus on educating these individuals, ensuring thorough audits of their transactions and agreements, along with implementing standardized commissions for agents to avoid problems such as fraud and money laundering.
Therefore, his agency aims to ensure that all transactions adhere strictly to the standards set forth by the Real Estate Agency Act of 2020 (Act 1047). This is essential for cleansing the sector and fostering trust among investors and consumers alike.
Data collection
Mr. Jeffrey disclosed that the Council, working alongside GAREB, is striving to gather and validate information about every real estate agent and broker within the nation. This initiative aims to create a complete database, serving as the foundation for regulatory oversight and audits according to the council’s responsibilities.
Education
The discussion also covered education and training, with Mr. Jeffrey noting that various organizations are running their own training programs without the Council’s approval. Essentially, this has left agents and brokers unaware of proper practices, leading to unethical activities such as exploitation, thereby damaging the sector's reputation—this issue requires attention.
Moving ahead, he stated that every training module and certification course needs to be examined and sanctioned by the Council.
"It is essential for all agents, even those with minimal or no formal education, to possess a thorough comprehension of the Act. Consequently, we are collaborating with various associations to ensure their training materials conform to legal requirements. Fragmented knowledge could be detrimental in such a critical sector," Mr. Jeffrey emphasized.
He added that the Council had asked all property developers to provide a list of the agents they collaborate with. The information gathered will help update the Council’s database as well as facilitate the listing of verified agents and developers who maintain high standards.
"The president strongly desires to bring rationality to this industry and guarantee that all Ghanaians and investors experience satisfaction, thereby restoring trust within the sector. Our dedication lies in maintaining this perspective through strict adherence to regulations, thus fostering an environment that is reliable and secure for both local citizens and international investors," he stated.
On the agency’s broader vision, Mr. Jeffrey said: “We want to make Ghana a model for real estate regulation in Africa. Our goal is to create a regulatory system that prevents abuse and supports government revenue generation and fosters confidence among all players.
We think that with humility, collaborative efforts among stakeholders, and concentrated implementation, this vision can be realized within a brief period.”
Optimism
During an interview with the B&FT, Hanna Atiase, who serves as the CEO of E.Wells Realty & Consultancy and also co-founded GAREB, conveyed his positive outlook regarding the Council’s path and committed the organization’s complete backing for execution.
"I'm truly enthusiastic about what lies ahead. We've established deadlines and are eager to collaborate with the Real Estate Agency Council," she stated.
Ms. Atiase stated that GAREB plans to provide a comprehensive member database which includes agents who have finished their real estate certification programs; individuals presently enrolled in training; as well as those residing abroad who are keen on obtaining certification.
The organization will similarly showcase their training programs and standardized documents to the Council for examination and endorsement.
"This partnership is vital for maintaining consistency and reliability within our field. We feel that governmental backing is key to boosting investors' trust. Additionally, we advocate for better access to funding and housing assistance programs to stimulate economic expansion," she noted.
Ms. Atiase emphasized that the gathering has instilled new optimism within the organization. "We are looking forward to what lies ahead," she stated. "The objectives are well-defined, and collaborating with the Council will enable us to collectively improve and develop the sector."
She also emphasized the importance of involving young people in this field, stating: "I want Africa’s youth to understand that they are not being overlooked. We are getting ready to hold our third yearly African Youth in Real Estate Entrepreneurship Conference to assist the upcoming wave of real estate experts."
Provided by Syndigate Media Inc. ( Syndigate.info ).
