Francis Okoh Okai, the Group Chief Executive Officer (CEO) of DEVTRACO, has debunked claims that real estate developers are into money laundering.
According to him, contrary to the perception, real estate developers are running genuine businesses that have nothing to do with money-laundering.
His comments come years after the Member of Parliament (MP) for the Ningo Prampram constituency, stated emphatically that he is aware these developers are working as money launderers but are disguising themselves as genuine real estate developers.\
Speaking on JoyNews’ Newsfile on Saturday, July 22, 2023, Samuel Nartey George, who is now the Minister for Communication and Digital Innovation, explained that people use the estate as a means to clean ‘dirty money’ acquired through illegitimate means.
“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.
Explaining further how the system works, he said, “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.”
But speaking directly to the issue belatedly, Okai rejected the claim saying the assertion is false. He insisted there are well-meaning businesses, with the DEVTRACO being a typical example.
“In recent times, we have heard some statements by some government officials saying real estate businesses are money-laundering businesses in Ghana, which clearly is not true. And this afternoon, we will play with you to characterize the events that you are about to know that there are well-meaning businesses in Ghana that are doing real estate business and not laundering money”, he said during an interaction with the media.
The meeting served as an inaugural press engagement and tour, to basicially introduce one of DEVTRACO’s remarkable developments within the hospitality portfolio, the Pelican Hotel, located at Cantonments, Accra.
Pelican, is a fully-owned Ghanaian Hotel and an addition to Accra’s hospitality landscape fast becoming one of the most sought after places of relaxation, corporate activities in the national capital.
Welcoming practitioners of the fourth estate of the realm, the Group CEO expressed excitement about the “remarkable milestone” the organization has chalked after 30 years of excellence, with the establishment of the Hotel, despite not being around for a long time just a period of six months,
Pelican Hotel, is described simply a as world standard. Okai noted that, the meeting was also to strengthen the relationship with the media which has been a worthy partner and stakeholder over the years.
While commending the media for its role in them arriving at this successful juncture he delved into the role his outfit has played in the real estate industry.
“For over three decades, DEVTRACO has played a leading role in shaping Ghana’s real estate landscape, building not just homes and hospitality assets but communities, trusts and enduring values. DEVTRACO Group has been part of a narrative that is bigger than construction.
It’s about aspiration, about transformation and impact. Over the years, your support and engagement have been instrumental in helping us achieve the milestones we celebrate today. We believe the future of real estate in Ghana must be transparent, collaborative and media-informed”, he said.
Head of Sales and Marketing, Solomon Wollie-Wollimoh, who later took the media team on a tour of the Hotel advanced the view that, hotels now have shifted from just existing to provide rooms and meals to clients to adding important essentials such as identity creation and emotional safety.
Pelican has a total of 134 rooms and suites suitable for both brief visits and long stays.
He highlighted the strategic location of facility in terms of accessibility and proximity to very important destinations such as the airport, embassies, making it the best destination for all kinds of activities including traveling, tourism.
“And wait, our location is prime, because everywhere in the world, when you are talking about a hotel, the location is key. And it’s better to find out what the people have to say, or to determine who stays in your hotel. For us, we are the first to determine this. Accessibility, proximity, proximity to the airport, so you see, and accessibility for all, I’m going to do a group of four by the end of the week”.
He also stressed on what awaits potential clients saying “So we have different room categories, and I will show now. The room features are generally designed for the middle-aged, for the leisure stay, for the long stay, or for the families that want to stay for the weekend, whichever your category of stay is. We have the entry of it. When you are coming here, that’s where it is.
It’s an open suite where parents meet parents and social gatherings and meet friends, you know, police to police, you have the interaction, you have the vibes, you have the drinks, cocktails, that sort of thing. And it includes social exploring, hoping to the skyline, if you accept the divine presence of God. On it, of course, with the signature cocktails, you have the social hub for alcohol together. So all your events that are coming up in 2026, that is a space for premium amenities. So we have the outdoor pool, we have the gym, we have the event spaces where we are now, we have concierge services”.
On his part, the Director of Development for the Group, Mr. Sidney Quaye, described the unveiling and operation of the Hotel as a promise delivered to their esteemed clients. “We have so far executed our fulfilled promises to our clients”, Quaye he excitedly said.
In just these few months, Pelican Hotel proudly holds three international architecture awards —Best Architecture Multiple Residence – Ghana (5 STAR Award), Best Architecture Multiple Residence – Africa, and Best Mixed-use Architecture – Ghana (5 STAR Award) — highlighting its dedication to superior quality.
By Gifty Boateng