REAC urges stakeholders to comply with Real Estate Act or face sanctions
The Real Estate Agency Council (REAC) has urged real estate practitioners, developers, brokers, agents, and other industry stakeholders in Ghana’s real estate sector to comply with the Real Estate Agency Act, 2020 (Act 1047). It cautioned that the breaches could attract administrative sanctions, licence suspension or revocation, and criminal penalties. Speaking during a UK-Ghana Chamber […]
The Real Estate Agency Council (REAC) in Ghana has called on all stakeholders in the real estate sector to comply with the Real Estate Agency Act, 2020 (Act 1047) or face sanctions, including administrative fines, licence suspension or revocation, and criminal penalties. Head of Anti-Money Laundering and Compliance at REAC, David Pappoe, highlighted that breaches of the Act, such as operating without a license, falsifying documents, or accepting cash payments, could result in penalties ranging from a fine of 1,000 penalty units (GH¢12,000) to five to ten years' imprisonment.
Pappoe urged both industry professionals and the public to verify license status and report suspicious activities to the Financial Intelligence Centre (FIC) or REAC. The REAC's mandate, established by the Act, includes licensing practitioners, maintaining a national register, enforcing professional standards, and ensuring compliance through inspections and disciplinary actions.
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