Minister for Works and Housing, Kojo Oppong Nkrumah has tasked the board and management of the Real Estate Agency Council (REAC) to ensure an opening of the Agency’s offices by April this year.
The Agency, since its establishment by law in 2020, is yet to open its offices to the general public. On his first working visit to the Agency's allocated office space in Accra, on Monday, February 26, 2024, Minister Oppong Nkrumah emphasized the urgency of getting REAC fully operational to regulate transactions in the real estate industry effectively.
“The contractor tells me he wants to use a little over two months to finish the work, but I have tasked him to finish the work by the end of April because we want to get the Agency functioning so that they can serve our citizens so that the difficulty our citizens go through when they are doing real estate transactions will be minimized,” he said.
Parliament in 2020 passed the Real Estate Agency Act, 2020 (Act 1047), creating the Real Estate Agency Council (REAC). This body, was tasked with regulating the sector, ensuring fairness and transparency in real estate transactions.
However, despite the passage of the legislation to fully establish and operationalize the Agency, it has been slow in executing it mandates. While the Council has been sworn in, its functions remain dormant with the CEO working from the Ministry of Works and Housing rather than from the REAC's headquarters.
Addressing the challenges faced by REAC, the Minister stressed the need for swift action in establishing its offices expressing concern over the delay in its operationalization.
He gave the assurance that plans are underway to secure funding for the furnishing and staffing of the offices when completed.
In response to the Minister's directives, the CEO of REAC, Nana Otu Turkson, expressed gratitude for his visit and took the opportunity to further highlight the problems facing the Agency. He said it has staff deficit, logistically constrained, needs funds for its day-to-day operations, and a cloud-based system for remote engagement with clients.
