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HomeEntertainmentReal estate business in Ghana is money Launder!ng — Sam George

Real estate business in Ghana is money Launder!ng — Sam George

The Member of Parliament for Ningo Prampram, Samuel Nartey George has disclosed that real estate businesses operating in the country are engaged in money laundering.

He said the real estate sector has turned into a haven for individuals to hide the source of money obtained from illegal sources and convert it to a clean source, thereby avoiding prosecution, conviction, and confiscation of the criminal funds.

Speaking on Joy News’ File, Sam George stated that the inflated pricing of real estate properties and high-rise buildings are often sold at exorbitant prices.

He suggested that those involved in money laundering schemes within the real estate sector frequently use these properties as a means to effectively ‘clean’ illicit funds by exchanging ownership among themselves.

He said “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 he added 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,” he noted.

The real estate business is viewed as one of the most lucrative and rapidly expanding industries around the globe whiles properties in the country are increasing in value and price.

Sam George’s reactions come following the news of a theft incident at the residence of Cecilia Abena Dapaah, the Minister of Sanitation and Water Resources, and her husband, Daniel Osei Kuffour at Abelemkpe in Accra.

The incident involved two house helps, 18-year-old Patience Botwe and 30-year-old Sarah Agyei, who are facing charges of conspiring to commit a crime and five counts of stealing.

The alleged thefts occurred between July and October 2022 and included personal belongings of Madam Cecilia Abena Dapaah, such as clothing, handbags, perfumes, and jewelry worth US$95,000.

However, Dapaah submitted her resignation letter to President Nana Addo Dankwa Akufo-Addo on Saturday, July 22, 2023.

She has also clarified that the figures circulating in the media do not accurately reflect what she and her husband had reported to the Police.

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