Housing Ministry gets tough on shady housing transactions
November 24, 2017

Housing Ministry gets tough on shady housing transactions

The Works and Housing Ministry is set to introduce laws to regulate activities in the real estate sector and sanitise the housing industry.

To this end, the Ministry is set to resubmit a revised Real Estate Agency Bill to cabinet for onward submission to Parliament and subsequent approval.
Deputy Works and Housing Minister, Freda Prempeh mentioned this at this year’s Ghana Property Awards over the weekend.

The announcement comes weeks after some industry players alluded to the widening housing deficit due to the clamp down on crimes such as money laundering in Ghana.
The Real Estate Agency Bill is among others to avert suspicious transactions within the real estate sector.

This according to Madam Freda Prempeh will also involve the training of skilled personnel to check activities.

“The purpose of the bill is to prevent the use of real estate transactions for social vices… It will also provide for the training of exchange brokers and require such brokers to provide banks as guarantees to operate within the cooperative market,” she stated.

Ghana’s housing deficit is estimated at 1.7 million.
Some however fear the figure may escalate to about 2 million soon.
Correcting this, the Deputy Works & Housing Minister contends will require effective collaboration.

10th Ghana property awards

In all, about twenty organizations were awarded for their outstanding contribution to the real estate industry for the year under review.
Some award winners on the night included; Ghana Home Loans which picked the Best Mortgage Company of the year.

Emerald Properties also picked Best Development Marketing Company of the year with Broll Ghana picking Best property Management Company of the year and Retail Management Company of the year.
Meanwhile the Okaikoi North sub-metro emerged as Best sub-metro for enforcement of sanitation law in 2017.

Source : ghanaweb.com



Ghana Association of Real Estate Brokers

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