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Real Estate Agency Council warns of 10-year prison terms for non-compliance
•2 min read•1 source
The Real Estate Agency Council (REAC) has issued a stern warning to stakeholders within Ghana's property sector to strictly comply with the Real Estate Agency Act, 2020 (Act 1047). The regulator cautioned that failure to adhere to the statutory requirements would result in administrative sanctions and severe criminal penalties. The move is part of a broader effort to sanitize the real estate industry and ensure that all practitioners operate within a standardized legal framework.
David Pappoe, the Head of Anti-Money Laundering and Compliance at REAC, detailed the specific consequences of non-compliance during a recent industry webinar. He highlighted that serious violations of Act 1047 could lead to fines of up to GH‵12,000 and imprisonment terms ranging from five to ten years. These penalties are designed to deter illegal practices and enforce the professional standards required for brokerage, agency, and management services in the country.
As the statutory regulator established by the Act, REAC is tasked with overseeing real estate practices and protecting the interests of the public. The Council encouraged stakeholders and consumers to verify the licensing status of practitioners before engaging in any transactions. Furthermore, the public has been urged to report any suspicious or unlicensed activities to the Council to aid in the elimination of fraudulent actors from the market.
Moving forward, the Council plans to intensify its public education initiatives to ensure that both practitioners and the general public are fully aware of their rights and obligations under the law. By strengthening the implementation of Act 1047 and collaborating with other relevant institutions, REAC aims to enhance transparency and build international trust in Ghana's real estate market, ultimately fostering a more secure environment for investment.
