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Money laundering in Ghana's real estate sector worrying - Sam George

Local News

Sam George

11 months ago
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The Member of Parliament for Ningo Prampram, Sam George has voiced skepticism regarding the legitimacy of numerous real estate businesses in Ghana.

In an interview on JoyNews' Newsfile, he asserted that the real estate industry is often used as a front for money laundering activities.

According to Mr George, individuals employ real estate ventures as a means to "clean" illicitly acquired funds.

He expressed concerns about the inflated costs of real estate properties in Ghana, particularly high-rise buildings being sold at exorbitant prices. The MP suggested that these properties are often exchanged among individuals involved in money laundering schemes, effectively "cleaning" the money in the process.

Moreover, George claimed that the funds generated from such activities are subsequently used to finance political campaigns. These assertions come in the wake of a recent report by the Chronicle newspaper, detailing a theft case involving significant sums of money.

“Real estate business in Ghana is money laundering. If our authorities want to deal with it, they will deal with it,” he said.

He added that “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.”

source: Graphiconline.com