Minister for Works and Housing Kojo Oppong Nkrumah has given a directive to the board and management of the Real Estate Agency Council (REAC) to ensure that the Agency’s offices are operational by April of this year.
Established by law in 2020, the Real Estate Agency Council (REAC) has yet to open its doors to the public since its inception.
During his first official visit on Monday, February 26, 2024, Minister Oppong Nkrumah stressed the importance of expediting the process to make REAC fully functional in order to regulate real estate transactions effectively.
“The contractor has mentioned a timeline of just over two months to complete the work, but I have urged them to expedite the process so that the Agency can begin operations by the end of April. This will help alleviate the challenges faced by our citizens when engaging in real estate transactions,” the Minister stated.
The Real Estate Agency Act, 2020 (Act 1047), was passed by Parliament in 2020, paving the way for the establishment of the Real Estate Agency Council (REAC). The Council’s primary role is to regulate the real estate sector and ensure transparency and fairness in transactions.
Despite the legal framework being in place, the operationalization of the Agency has been slow. While the Council’s members have been sworn in, the functions of the REAC remain inactive, with the CEO currently operating from the Ministry of Works and Housing instead of the Agency’s headquarters.
The Minister acknowledged the delays and emphasized the necessity for swift action in getting the offices up and running. Plans are in motion to secure funding for the staffing and furnishing of the offices once they are completed.
In response to the Minister’s directives, the CEO of REAC, Nana Otu Turkson, expressed gratitude for the visit and highlighted some of the challenges facing the Agency, including staff shortages, logistical constraints, financial needs for day-to-day operations, and the requirement for a cloud-based system for remote client engagement.
