(rent, lease, sale or purchase) without any fiduciary responsibility or agreement. An alternative arrangement can happen between the parties and the agent/agency though. Ghana’s Perspective The distinctions and explanations above is the ideal situation. However, in Ghana and many developing and underdeveloped countries where the industry is not well structured, let alone to have a legislation that regulates it, anybody at all can become a real estate agent or broker overnight. Many people became agents because they had knowledge of empty homes or available lands for rent and sale respectively and facilitated the transaction. They repeated this a couple of times and realised it could be a source of livelihood and stayed so. A few others intentionally became real estate agents or set up brokerages/ agencies as a business, passion or source of employment. This is because, until recently, there was no clear education or training programme for real estate professionals nor professional licensing regime. Thanks to the Kwame Nkrumah University of Science and Technology (KNUST) and the University of Professional Studies, Accra (UPSA) one can acquire a degree in Real Estate Development. There is still no professional licensing regime available though. That may also change as the experienced real estate professionals
in the country are now organising themselves into associations to develop specialised courses and licensing structure for both agents and brokers in the country to meet international standards. So far two associations have taken the lead, the Ghana Real Estate Professionals Association (GREPA) and the Ghana Association of Real Estate Brokers (GAR). They also facilitate the registration of qualified brokers and agents with the National Association of Realtors (NAR), US. To reduce the unprofessionalism and bad experiences of clients in real estate transactions, these associations are working to ensure checks, monitoring and adherence to standards among members. Currently members who have their own brokerage or agencies are considered as Brokers, while those working under the brokers or for the brokerages or agencies are considered real estate agents. This week’s piece is quite longer, but I hope it serves you well. Make a date next week as we delve deeper into Real Estate in Ghana and Beyond. Until then, it has been your trusted Real Estate Broker - Chris Nii. The writer is the CEO and Lead Broker, CBC Properties (CBC Global Limited), Founding Member, Ghana Association of Real Estate Brokers (GAR); Email: ceo@cbcghanaltd.com Cell: 0204225002
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