The Real Estate Agency Council is preparing to launch a major enforcement drive against unlicensed agents and brokers as part of efforts to strengthen consumer protection and improve professionalism within Ghana’s rapidly growing property market.
The move comes amid concerns about the activities of unauthorized operators who continue to conduct real estate transactions without proper registration, exposing clients to fraud, disputes, and financial losses.
Speaking at a stakeholder engagement with the Bank of Ghana on the Collateral Registry System in Accra, Mr. Jacob Adofo-Ansong, President of the Ghana Association of Real Estate Brokers (GARIB) and a Board Member of the Real Estate Agency Council, said stricter regulatory measures would soon be implemented across the country.
According to him, the Council is determined to ensure compliance with the Real Estate Agency Act, 2020 (Act 1047), which established a legal framework for regulating the profession through licensing, professional standards, and disciplinary procedures.
“In the coming days, the Council will intensify its monitoring and enforcement activities. There will be inspections of offices and operations, and individuals or firms found operating without licences will be dealt with according to the law,” he stated.
Mr. Adofo-Ansong noted that although real estate brokerage had historically operated in a largely informal environment, the introduction of the law has transformed the industry into a regulated profession designed to protect both practitioners and consumers.
He expressed concern that some individuals continue to present themselves as agents despite lacking the required licences and accountability mechanisms, a situation he said damages the reputation of legitimate professionals and undermines public trust in the sector.
To support the regulatory effort, he urged licensed practitioners and members of the public to report illegal operators and assist authorities in identifying those flouting the law.
The GARIB President also highlighted the growing role of institutions in promoting compliance within the industry. He revealed that banks are increasingly demanding proof of licensing before opening business accounts for real estate firms, while local assemblies now verify licences before approving signboards and outdoor advertising permits.
He added that international organizations and diplomatic missions are also becoming more selective in their engagement with property professionals, preferring to work with licensed practitioners.
“Even members of the diplomatic and international community are becoming more intentional about engaging licensed practitioners. That is the direction we want the industry to move towards,” he said.
Mr. Adofo-Ansong further emphasized the importance of the Bank of Ghana’s Collateral Registry System in reducing property-related fraud and enhancing transparency in real estate transactions.
He encouraged brokers to make greater use of the system to verify whether properties have already been pledged as collateral for loans before marketing or selling them to prospective buyers.
According to him, professionalism in the real estate industry goes beyond facilitating transactions and includes conducting due diligence and safeguarding clients from avoidable risks.
Also addressing the gathering, Mr. Fred Asiamah-Koranteng, Head of the Collateral Registry Department at the Bank of Ghana, stressed the importance of regulatory compliance and transparency in maintaining confidence within the property market.
He said the Borrowers and Lenders Act, 2020 (Act 1052), together with the establishment of the Collateral Registry, has helped strengthen Ghana’s credit environment by reducing lending risks and improving access to reliable information.
Mr. Asiamah-Koranteng observed that despite significant reforms over the past decade and a half, public awareness of the registry system remains limited, prompting the Central Bank to intensify financial literacy and outreach programmes.
He urged real estate professionals to uphold high standards of transparency and compliance, describing them as critical stakeholders responsible for promoting trust and integrity in property transactions.
Industry stakeholders believe that stronger enforcement, public education and collaboration among regulators, financial institutions and practitioners will help create a safer, more transparent and more credible real estate sector for investors, homeowners and businesses alike.
