Rosemary Akabutu, Deputy Director of BoG Collateral Registration Division
The Financial institution of Ghana (BoG) has referred to as on actual property brokers and actual property traders to prioritize transparency and due diligence in actual property transactions to scale back fraud and strengthen confidence in the actual property sector.
Talking at a gathering with members of the Ghana Affiliation of Actual Property Brokers, Rosemary Akabutu, Deputy Director Common, Collateral Registration, GAREB, mentioned it was vital to conduct an inspection of a property earlier than a transaction to guard the funding and improve confidence in the actual property market.
Mrs. Akabutu, who spoke on behalf of the Director and Registrar of Collateral Registration, Mr. Fred Ishiyama Krantin, mentioned the Debtors and Lenders Act No. 1052 of 2020, together with the Collateral Registration System, was launched to enhance the credit score setting in Ghana and scale back lending dangers.
He famous that challenges akin to weak enforcement techniques, restricted entry to credit score and the digital divide inside the monetary sector necessitated the reforms.
Based on her, “The significance of doing all of your analysis and understanding present constraints in your property can’t be overstated. These are vital steps in minimizing danger, stopping fraud, and defending your funding.”
Mr Akabutu confused that transparency stays central to constructing belief in each the monetary and actual property sectors.
The initiative additionally highlighted rising issues inside the actual property business about fraudulent land transactions and the actions of unlicensed brokers.
GAREB representatives identified to the individuals that many individuals are incurring losses by buying land that has already been used as collateral with out conducting correct inspections.
“For a really very long time, actual property brokerage in Ghana has operated totally on belief, phrase of mouth, private relationships and expertise,” the affiliation mentioned.
“Folks have misplaced cash. Some have unknowingly purchased land that was used as collateral for loans. Others have been caught up in surprising conflicts.”
The affiliation additionally emphasised that professionalism within the business should transcend merely connecting consumers and sellers.
“It is about legal responsibility. It is about defending our shoppers from avoidable issues. It is about understanding the techniques related to the properties we promote,” mentioned GAREB.
The affiliation additionally urged the general public to solely work with licensed actual property professionals to scale back fraud and improve accountability inside the business.
“The general public ought to be inspired to hunt a license earlier than participating an agent or dealer. The general public ought to know that they will confirm practitioners via acknowledged skilled our bodies such because the Affiliation of Actual Property Brokers or GAREB,” it added.
GAREB additional revealed that crackdowns on unlawful operators on this sector will quickly be intensified.
“Within the coming days, the council will intensify its surveillance and enforcement actions. Inspections of workplaces and institutions shall be carried out and people and corporations discovered working and not using a license shall be handled in accordance with the legislation,” the affiliation warned.
The initiative aimed to coach actual property brokers about the important thing provisions of Legislation 1052, the operation of the safety register, and the processes concerned in registering and looking out safety pursuits.
