The Ghana Real Estate Developers Association (GREDA) has threatened Member of Parliament for Ningo-Prampram, Sam Nartey George, with legal action over claims made by him on real estate business in Ghana, which he alleged serves as a means for money laundering.

According to the association, it takes umbrage at this comment. It revealed that it is therefore an affront to the genuine hardworking members of the association for Sam George to make such an “unguarded and irresponsible utterance” without offering any proof whatsoever.

In light of this, GREDA demanded an immediate and unqualified apology and retraction of this unfortunate statement within 7 days of its press statement.

“Our attention has been drawn to a recent Broadcast aired on Joy F.M and Joy T.V. on Saturday July 22, 2023, and also appearing in the mainstream electronic and print media, in which on the Program “Joy News File”, The Honorable, Sam George – Member of Parliament for Ningo Prampram – made a very unfortunate and defamatory statement, to wit “REAL ESTATE BUSINESS IN GHANA IS MONEY LAUNDERING”… We, however, wish to serve him notice, and notice is hereby served that we reserve our right to seek legal redress should he not retract his unfortunate comments and apologize accordingly.”
Ghana Real Estate Developers Association

Establishing its innocence, GREDA stated that it works closely with the Economic and Organized Crime Office (EOCO) and the Financial Intelligence Centre (FIC), as well as other parallel state agencies in their work as implementers of the Anti-Money Laundering Law, AML (Act 749) as amended.

Additionally, it emphasized that it continues to engage and collaborate with them by way of numerous workshops and seminars for GREDA members to build their capacity and ensure compliance with the law.

“Members of our Association are hardworking Ghanaians who every day have to battle with the economic conditions in the country as every other business sector is doing.”
Ghana Real Estate Developers Association

GREDA supports Ghana’s economy

As part of its contribution to the country, GREDA stated that it offers support significantly to the economy, and among others, provides roofs over the heads of Ghanaians which is helping to reduce the housing deficit.

“We also create employment for both skilled and unskilled labor in this country.”
Ghana Real Estate Developers Association

It will be recalled that the Member of Parliament for Ningo Prampram, Sam George, expressed his reservation regarding the legitimacy of numerous real estate businesses in Ghana. He claimed that the real estate industry is often used as a front for money laundering activities.

Mr George stated that individuals employ real estate ventures as a means to “clean” illicitly acquired funds. Additionally, he expressed concerns about the inflated costs of real estate properties in Ghana, particularly high-rise buildings being sold at exorbitant prices.

Furthermore, the Ningo-Prampram legislator suggested that these properties are often exchanged among individuals involved in money laundering schemes, effectively “cleaning” the money in the process. He equally noted that the funds generated from such activities are subsequently used to finance political campaigns.

Among other things, he stated that the cost of real estate in Ghana is not “justifiable by any stretch” as people keep seeing all these new high-rise buildings going up and they are selling them for half a million and a million dollars. He explained that if he has “dirty money to clean, I put up a real estate property”, and once you buy a property, automatically, your money becomes clean.

These assertions followed a recent report by the Chronicle newspaper, detailing a theft case involving significant sums of money.