The Real Estate Agency Bill 2020, first of its kind, has been passed by parliament and is awaiting Presidential assent. On assent of this Bill, real estate agents will be required to obtain a licence issued by the Real Estate Agency Council. A real estate licence will be mandatory to provide services as a real estate agent; engage in any business connected with the provision of real estate agency services; or engage in a real estate transaction including the business of finding accommodation for a prospective tenant for a fee.
A person who applies for a licence may also be required to pass an examination to establish their understanding of the principles of real estate practice, real estate law, the basic law of agency, and any relevant subject determined by the Council, and the provisions of the law. It is hoped that the Act will sanitize the current uncertainties plaguing Ghana’s real estate industry, reduce the incidence of fraud in the industry, and improve public trust in real estate practitioners.