The Minister for Works and Housing Kojo Oppong Nkrumah has directed the board and management of the Real Estate Agency Council (REAC) to ensure the opening of the agency’s offices by April this year. Since its establishment by law in 2020, the REAC has yet to open its doors to the public.
During his inaugural visit on Monday, February 26, 2024, Minister Oppong Nkrumah stressed the urgency of making REAC fully operational to regulate transactions within the real estate industry effectively. He revealed that the contractor had proposed a little over two months to complete the work, but the Minister has expedited the timeline, tasking them to finish by the end of April.
Parliament passed the Real Estate Agency Act, 2020 (Act 1047) in 2020, giving birth to the Real Estate Agency Council (REAC). The primary objective was to regulate the real estate sector and ensure fairness and transparency in transactions. However, despite the legislation’s passage, the agency has been slow in executing its mandates.
Although the Council has been sworn in, its functions remain dormant, with the CEO operating from the Ministry of Works and Housing rather than the designated REAC headquarters.
Addressing the challenges faced by REAC, Minister Oppong Nkrumah underscored the imperative for prompt action in establishing its offices and expressed concern over the delay in operationalization. He assured that plans are underway to secure funding for the furnishing and staffing of the offices upon completion.
In response to the Minister’s directives, the CEO of REAC, Nana Otu Turkson, expressed gratitude for the visit and seized the opportunity to shed light on the issues confronting the Agency. He highlighted a staff deficit, logistical constraints, the need for funds for day-to-day operations, and a cloud-based system for remote client engagement.
