The Member of Parliament for Ningo Prampram, Samuel Nartey George has questioned the legitimacy and genuineness of the Real Estate Sector in the country amidst money laundering claims.

According to the MP, the real estate business is an avenue for money laundering that people use to clean dirty monies they have acquired through dubious means.

Sam George made this claim on Saturday when he was speaking on Accra-based Joy News’ Newsfile.

Justifying his claims, he pointed out the unreasonably exorbitant cost of estate properties and building materials in the country, particularly high-rising buildings.  He explained that these properties are often exchanged among individuals involved in money laundering schemes hence effectively turning dirty money to clean 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,” Samuel Nartey George declared.

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.”