Real Estate Agency to crackdown on unlicensed agents, brokers

The Real Estate Agency Council says it will step up enforcement against unlicensed real estate agents and brokers as concerns grow over illegal practices in the sector.

The warning was given by Jacob Adofo-Ansong, President of the Ghana Association of Real Estate Brokers and a board member of the Council, during a stakeholder engagement with the Bank of Ghana in Accra.

The meeting focused on the collateral registry system and its role in protecting property transactions.

Mr Adofo-Ansong said Ghana’s real estate sector now has a legal framework, licensed professionals and a regulator with the mandate to deal with misconduct.

He said the days of operating informally without accountability must give way to a more transparent and professional market.

“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 said.

The Council’s renewed push follows the passage of the Real Estate Agency Act, 2020, Act 1047, which turned real estate brokerage into a regulated profession with licensing requirements, standards and disciplinary procedures.

Mr Adofo-Ansong said unlicensed operators continue to damage the image of the profession and expose the public to fraud, disputes and avoidable losses.

He urged licensed practitioners to help protect the industry by reporting illegal operators and making unlawful practice unattractive.

He also said real estate professionals must make better use of the Bank of Ghana’s Collateral Registry to avoid marketing or selling properties that have already been pledged as security for loans.

According to him, professionalism goes beyond closing transactions. It includes due diligence, consumer protection and responsible conduct.

Mr Adofo-Ansong said support for regulation is gradually growing across key institutions.

He noted that some banks now require proof of licensing before opening business accounts for real estate firms, while local assemblies are checking licences before approving signboards and billboards.

He added that members of the diplomatic and international community are also becoming more deliberate about dealing with licensed practitioners.

The Council, he said, is working to make licensed agents more visible to the public so that clients can easily identify legitimate professionals.

He also urged the media to help educate the public and direct consumers to licensed brokers rather than portraying misconduct as a problem affecting the entire profession.

Head of the Collateral Registry Department at the Bank of Ghana, Fred Asiamah-Koranteng, said sound regulation was necessary to protect both the industry and the public.

He said the Borrowers and Lenders Act, 2020, Act 1052, and the Collateral Registry were introduced to reduce risk and strengthen Ghana’s credit system.

He urged real estate professionals to prioritise transparency, proper searches and due diligence in all transactions.

Mr Asiamah-Koranteng said limited public awareness remains a challenge despite reforms over the past 15 years, adding that the Bank of Ghana is intensifying financial literacy and outreach programmes.

He told real estate professionals that they play a frontline role in property transactions and must help build trust, transparency and compliance in the sector.