The Real Estate Agency Council of Ghana (REAC) has marked a significant milestone in its mission to regulate and elevate the standards of the real estate sector with the grand opening of its new head office in Cantonments. The unveiling ceremony, held last week, was attended by distinguished guests, including the Chief of Staff at the Presidency, Hon. Frema Osei Opare, and the Minister for Works and Housing, Hon. Kojo Oppong Nkrumah, underscoring the importance of this development.
The establishment of REAC was set into motion by the Real Estate Agency Act 2020 (Act 1047), which entrusts the council with the responsibility of licensing and overseeing the operations of real estate agents and brokers in Ghana. This legislation aims to create a framework that ensures professionalism, integrity, and accountability within the industry.
Kojo Addo-Kufuor, Executive Head of Mortgage Business at First National Bank Ghana, shared his enthusiasm for the inauguration of REAC’s new headquarters, emphasizing the council’s commitment to shaping the future of real estate regulation in the country. In a statement posted on his LinkedIn feed on May 5, 2024, Addo-Kufuor applauded the efforts of the council’s leadership, led by CEO Nana Otu Turkson, in laying the groundwork for a robust regulatory framework.
“Since assuming our roles in November 2021, my colleagues and I have dedicated ourselves to building the foundation for what I believe will be one of Ghana’s most influential government agencies,” remarked Addo-Kufuor.
The opening of the new headquarters represents a significant achievement for REAC, providing a centralized hub for its regulatory activities and signaling its commitment to enhancing transparency and professionalism in the real estate sector. Addo-Kufuor expressed gratitude to all individuals and organizations who contributed to the realization of this milestone, highlighting the collaborative effort that made it possible.
As REAC assumes its role as the guardian of standards and practices in the real estate industry, stakeholders can anticipate a more structured and accountable marketplace. By enforcing licensing requirements and ethical guidelines, the council aims to foster trust and confidence among consumers and investors, ultimately driving growth and development in the sector.
With its sleek and modern headquarters now operational, REAC is poised to lead the charge in shaping a brighter future for Ghana’s real estate landscape. As the council continues to refine its regulatory framework and expand its reach, it stands ready to play a pivotal role in driving sustainable progress and prosperity in the industry.
