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Real Estate Industry Is Not Being Used As A Conduit For Money Laundering- Devtraco CEO Rejects Claims
Ghana’s leading real estate firm, Devtraco Group, has strongly rejected claims that the real estate industry is being used as a conduit for money laundering, insisting that many developers are running transparent, legitimate, and value-driven businesses that are transforming the country’s urban landscape.
The clarification was made by the Chief Executive Officer of Devtraco Group, Francis Okai Okoh, during a press soiree held in Accra to officially unveil The Pelican Hotel, a fully Ghanaian-owned hospitality facility located at Cantonments.
Addressing journalists and stakeholders, Mr Okoh described the engagement as a symbolic step in Devtraco’s commitment to openness, accountability, and sustained partnership with the media.
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“This meeting represents our dedication to transparency and engagement. For over three decades, Devtraco has been shaping Ghana’s real estate landscape not just by building homes and hotels, but by building trust, communities, and enduring values,” he said.
Mr Okoh took the opportunity to address recent comments by some government appointees suggesting that the real estate sector is largely a front for money laundering, describing such assertions as misleading and unfair.
“We have heard statements implying that real estate in Ghana is a money laundering business. That is simply not true. There are many genuine real estate businesses in this country doing honest work, creating jobs, and contributing to national development,” he stressed.
He appealed to the media to help correct the narrative by highlighting credible developers and the positive impact of the industry on Ghana’s economy.
The unveiling of The Pelican Hotel marked a major milestone for Devtraco Group, positioning the facility as a proud addition to Accra’s growing hospitality landscape. Mr Okoh noted that the hotel is entirely Ghanaian-owned and reflects the company’s diversification into high-quality hospitality assets.
“This project is a statement of confidence in Ghana. Pelican Hotel is not just a building; it represents innovation, excellence, and our response to the growing demand for world-class hospitality facilities in Accra,” he stated.
The press soiree also served as a platform to deepen relationships with journalists and partners who play a critical role in telling Devtraco’s story.
“We believe the future of real estate in Ghana must be transparent, collaborative, and media-informed. Your engagement over the years has been instrumental in helping us reach the milestones we celebrate today,” Mr Okoh told attendees.
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