Ghana’s property market regulator is launching an aggressive campaign to root out unlicensed developers and restore investor confidence in a sector plagued by scams and credibility issues.
The Real Estate Agency Council (REAC) has announced sweeping reforms aimed at bringing transparency to an industry that has long operated in regulatory shadows, leaving buyers vulnerable to fraud and investors hesitant to commit capital.
Emmanuel Jeffrey, the council’s Acting Chief Executive, said the crackdown comes as Ghana’s housing boom attracts both local wealth and foreign investment, making the sector an attractive target for criminals and unscrupulous operators.
“We want to prevent people from being duped by unlicensed developers and brokers,” Jeffrey told reporters. “The sector has suffered too many credibility issues. It’s time to separate the bad nuts from the good ones.”
The council is now working directly with the Financial Intelligence Centre to monitor real estate transactions and prevent the sector from becoming a conduit for money laundering. Under the new surveillance framework, every property transaction must be reported, and developers face strict requirements to conduct sales exclusively in cedis rather than foreign currencies.
“This is how we safeguard the system and ensure compliance with national financial laws,” Jeffrey explained, noting that the partnership with FIC represents a significant escalation in regulatory oversight.
Established under the Real Estate Agency Act, 2020 (Act 1047), REAC holds authority to license and regulate all agents, brokers, and developers while monitoring sales for tax compliance and consumer protection. Yet three years after its creation, the council admits that many Ghanaians remain unaware of its existence or mandate.
Jeffrey acknowledged the awareness gap but said the council spent its early years building systems and infrastructure. Now it’s shifting into full enforcement mode.
The new reforms include mandatory standard sales and purchase agreements, tighter transaction reporting, and digital verification tools that allow property buyers to check whether developers and brokers hold valid licenses. The online system lets Ghanaians verify credentials from home, reducing their exposure to fraudulent operators.
“Anyone who deals with unlicensed developers is taking unnecessary risks,” Jeffrey warned.
However, the council chief said REAC cannot effectively police the sprawling property sector without stronger government backing. He appealed for increased logistical and financial support to enable nationwide enforcement and public education campaigns.
Jolanda Castagna, Managing Director of Akka Kappa Ghana, echoed concerns about the damage that property scams have inflicted on investor confidence. She urged developers and brokers to embrace REAC’s licensing requirements despite the additional costs involved.
“Working with licensed professionals may cost more, but it guarantees peace of mind,” Castagna said.
She also called on regulators to intensify scrutiny of construction quality and safety standards, warning that some developers compromise structural integrity to cut costs, leaving buyers with substandard properties and potential safety hazards.
Jeffrey said a properly regulated system would restore both local and international confidence in Ghana’s property market, creating conditions for sustainable growth.
“A regulated system brings confidence and happiness for investors. That’s what government wants to see, and that’s what we are working toward,” he said.
As housing demand continues climbing across Ghana’s urban centers, REAC’s message is clear: the next chapter of the country’s real estate story will be written by those willing to operate with transparency, comply with regulations, and prioritize accountability over quick profits.