Stakeholders told to rethink real estate beyond land and buildings

The Minister for Works, Housing and Water Resources, Kenneth Gilbert Adjei, has declared that Africa’s next phase of housing and urban development must prioritise affordability, livability and resilience, insisting that innovation must not come at the expense of identity.

Speaking at the inaugural Africa Real Estate Festival (AREF) 2026 in Accra on Saturday, April 18, he challenged stakeholders to rethink real estate beyond land and buildings.

“Real estate is about the spaces where people live, work and connect. It influences safety, dignity, productivity and social cohesion, while also reflecting our cultural identity. In essence, real estate is about place, not just property,” he said.

The two-day event, held from April 18–19 under the theme “Innovation Meets Identity: Designing Africa’s Next Living Experience,” brought together state regulators, diaspora investors and industry players.

It was organised by AREF in collaboration with Nilex Properties, Goldkey Properties, the Ministry of Works and Housing, and the Real Estate Agency Council (REAC).

Mr Adjei noted that in Ghana, the private sector delivers nearly 90 per cent of housing, according to the Ghana Statistical Service.

“Government alone cannot close the housing gap. We therefore call on the private sector to scale up investment, adopt innovative delivery models and align with national housing priorities,” he added.

He outlined a series of government policies and reforms aimed at transforming the housing sector, noting that the National Affordable Housing Programme is being repositioned to support large-scale, mixed-income housing through public-private partnerships.

He said the District Housing Programme is also being rolled out to decentralise housing delivery, ensuring that every district contributes to reducing the national deficit.

According to him, the Rent Act is under review to improve fairness, strengthen tenant protection and create a more stable rental market.

Mr Adjei further disclosed that, in partnership with the Lands Commission, government is advancing land administration reforms to improve land acquisition processes, strengthen title security and reduce delays.

He added that efforts are underway to promote local building materials and green construction methods to cut costs, support sustainability and reduce carbon emissions.

Additionally, he said government is working with financial institutions to develop innovative housing finance solutions to expand access to mortgages and long-term housing financing.

He stressed that the broader legal and institutional framework is being reviewed to reduce bureaucracy, enhance transparency and support industry growth.

Earlier, welcoming participants, AREF Founder and Chief Executive Officer, Desmond Kwesi Oteng, argued that for too long, key conversations on African land and luxury have taken place in boardrooms in London, Dubai and the United States.

He said hosting AREF on African soil signals an end to what he described as “narrative outsourcing,” and challenged the 1,500 delegates with the question: “Who builds Africa?”

Mr Oteng commended the Ministry’s leadership, noting that the strongest signal government can send is not only incentives, but certainty.

The Real Estate Agency Council (REAC) reinforced the call for professionalism and structural integrity, warning that a transparent market depends on strict adherence to standards and effective regulation.

The Council reminded practitioners of the ban on cash transactions under the Real Estate Agency Act, 2020 (Act 1027), aimed at curbing fraud and money laundering.

The private sector response was led by headline sponsor, Nilex Properties. Its Legal and Corporate Affairs Director, Alex Kofi Osei-Owusu, highlighted the company’s 19-storey oceanfront development as evidence of what African capital and bold architectural vision can achieve.

He noted that the project combines technical expertise from Mumbai with a strong team of Ghanaian architects.

“We want to work with local architects,” he emphasised.

Goldkey Properties, a long-standing industry player, was also recognised for driving a transition toward Grade-A standards and quality housing delivery.

Discussions at the festival further underscored the role of the Rent Control Department, stressing that fairness between landlords and tenants is essential to building sustainable communities.

As the maiden edition of AREF continues, the momentum in Accra reflects Mr Oteng’s closing remark that Africa is no longer the “next” market, but the “now” market.

With the Ministry, REAC, Nilex and Goldkey aligned, Ghana is positioning itself as a stable, transparent and investor-ready hub for real estate development on the continent.