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).

The webinar, moderated by Michael Taabavi, Trade and Investment Advisor for Infrastructure and Energy at the UK Department for Business, Innovation, Science and Trade, also explored how practitioners can obtain REAC licences, the different licensing routes and requirements; Ghana’s Anti-Money Laundering Act and its relationship with the Real Estate Act; and the Council’s code of conduct and ethics.webinar on “Building Trust in Ghana's Real Estate Market: The Role of the Real Estate Agency Council (REAC), Compliance Requirements, and Enforcement”, the Head of Anti-Money Laundering and Compliance at REAC, David Pappoe, explained that administrative sanctions included a fine of 1,000 penalty units, which he put at GH¢12,000, for such breaches as failing to comply with requirements or display a certificate or licence in an office.