Monday, 15 April

Open Real Estate Agency Council office to public by April – Oppong Nkrumah tasks Board

General News
The Minister for Works and Housing, Mr Kojo Oppong Nkrumah

The Minister for Works and Housing, Mr Kojo Oppong Nkrumah, has urged the board and management of the Real Estate Agency Council (REAC) to ensure the opening of the Agency's offices by April this year.

Despite its establishment by law in 2020, the Agency has yet to open its doors to the public.

During his inaugural visit on Monday, 26 February 2024, Mr Oppong Nkrumah emphasised the urgency of making REAC fully operational to effectively regulate transactions in the real estate industry.

"The contractor tells me he wants to use a little over two months to finish the work, but I have tasked him to finish by the end of April because we want to get the Agency functioning so that they can serve our citizens and minimise the difficulties they face during real estate transactions," he stated.

Parliament passed the Real Estate Agency Act, 2020 (Act 1047), establishing REAC to regulate the sector and ensure fairness and transparency in transactions.

However, despite legislative support, the Agency's operationalisation has been sluggish.

While the Council has been constituted, its functions remain inactive, with the CEO operating from the Ministry of Works and Housing instead of REAC's headquarters.

Acknowledging the challenges faced by REAC, the Ofoase Ayirebi MP emphasised the need for prompt action in establishing its offices, expressing concern over the delay in operationalisation.

He said plans are underway to secure funding for office furnishing and staffing upon completion.

In response, the CEO of REAC, Nana Otu Turkson, expressed gratitude for the Minister's visit and highlighted the Agency's existing challenges, including staffing deficits, logistical constraints, financial needs for day-to-day operations, and the requirement for a cloud-based system to engage with clients remotely.