Hon. Samuel Nartey George has stated that Real estate business in Ghana is money laundering.
The Member of Parliament for Ningo Prampram, Sam George, has brought to light growing skepticism regarding the legitimacy of numerous real estate businesses in Ghana.
In a recent interview on JoyNews' Newsfile, Mr. George expressed concerns about the real estate industry being used as a front for money laundering activities.
The MP voiced his suspicions that certain individuals are employing real estate ventures as a means to "clean" illicitly acquired funds. He asserted that inflated costs of real estate properties in Ghana, particularly high-rise buildings being sold at exorbitant prices, are indicative of possible money laundering schemes.
According to Mr. George, these properties are often exchanged among individuals involved in money laundering activities, effectively "cleaning" the money in the process. He further claimed that the funds generated from such activities are subsequently used to finance political campaigns.
The MP's concerns come in the wake of a recent report by the Chronicle newspaper, which detailed a theft case involving significant sums of money. Mr. George's remarks raise questions about the extent of illicit financial activities within the real estate sector and the potential impact on the Ghanaian economy.
He stated, "Real estate business in Ghana is money laundering. If our authorities want to deal with it, they will deal with it. The cost of real estate in Ghana is not justifiable by any stretch.
You keep seeing all these new high-rise buildings going up and they are selling them for half a million, a million dollars and they keep buying and buying amongst themselves... I have dirty money to clean, I put up a real estate property, you have dirty money you come and buy the property from me and then automatically your money becomes clean, then tomorrow you also start building your own then I come back and buy and we are just cleaning the money."
The issue of money laundering through real estate has been a growing concern in various countries, and Mr. George's statements shed light on the need for further scrutiny and regulation within Ghana's real estate industry.
As the matter gains attention, it remains to be seen how authorities will respond to these allegations and what measures will be taken to address potential money laundering activities in the real estate sector. The fight against financial crimes is crucial for maintaining a transparent and thriving economy.
Source: Tellusghana || Ewura Ama
