Accra, Ghana – The Bank of Ghana (BoG) is intensifying efforts to curb fraud within the real estate sector by urging property brokers and investors to implement more rigorous due diligence and transparency measures in transactions. This initiative aims to bolster confidence and reduce financial risks associated with property dealings across the nation.
Strengthening Due Diligence in Property Transactions
Speaking at a recent engagement with the Ghana Association of Real Estate Brokers (GAREB), Mrs. Rosemary Akabutu, Deputy Head of the Collateral Registry Department, emphasized the critical importance of conducting thorough searches on assets before finalizing property transactions.
Mrs. Akabutu, representing Mr. Fred Issiyama Kurantin, Head and Registrar of the Collateral Registry Department, highlighted that the Borrowers and Lenders Act 2020, Act 1052, and the establishment of the Collateral Registry are key reforms designed to enhance Ghana’s credit environment and mitigate lending risks.
These reforms were necessitated by systemic challenges, including weak enforcement mechanisms, restricted access to credit, and significant information gaps within the financial sector, according to BoG officials.
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