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Resource REAC To Deal With Miscreants In The Real Estate Business - GCCI BOSS

Resource REAC To Deal With Miscreants In The Real Estate Business - GCCI BOSS

The Ghana Chamber of Construction Industry has called on the government of Ghana to adequately resource the Real Estate Agency Council (REAC) to enable the latter, fully carry out its mandate.

Emmanuel A. Cherry, chief executive officer of Ghana Chamber of Construction Industry, in an interview with Real Estate Times Africa, said the best approach towards weeding out the activities of money launderers in the real estate sector demands a well-resourced, and fully functional, Real Estate Agency Council (REAC) with advocacy, and public education as part of its mandate.

''We are appealing to the government to make budgetary allocations to the real estate agency council so that they can at least start working and start fighting according to their mandate they have been given''

Reacting to the ensuing tensions between the Ghana Real Estate Developers Association (GREDA) and the member of the parliament for Ningo-Prampram, Hon Samuel Nartey George, following the MP's recent comment, which suggests, that real estate businesses operating in the country are engaged in money laundering, Emmanuel A. Cherry pointed to the Real Estate Agency Act, 2020 (ACT 1047) as having provisions to deal such activities.

''as we speak currently, provisions have been made in the Real Estate Agency Act 2020 (ACT 1047) to put rest all these challenges even though you know we are dealing with a human institution so the fact that we have fine laws doesn't mean that overnight all challenges will come to an end''.

He added that players in the sector over the years fought hard to get the act passed, expressing the belief that with adequate budgetary allocations to the Real Estate Agency Council (REAC) will return to the sector.

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