In Ghana, the lack of a regulatory body to manage the real estate industry has stifled the formal establishment of the sector over the last decade.
But has also meant that the sector is ripe for money laundering activities, increasingly being used by anti-government groups to channel funds in a region prone to military coups.
“It is alarming in terms of the inroads that the launderers are trying to build in West Africa,” Samuel Amegayibor, the executive secretary of Ghana Real Estate Developers Association (GREDA), the umbrella body of property developers tells The Africa Report.
“These are individuals and they are building properties and selling them but are not registered. We hear all sorts of things and you wonder where these people are getting their money from,” he says. “Most genuine businesses have been killed and we in Ghana cannot sit by and watch money launders take over our
There’s more to this story
Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.
Subscribe Now
cancel anytime
Already a a subscriber
Sign In
