Land information management in Ghana, as in many developing countries, remains a practice monopolised by public sector land administration agencies, which are known for being inefficient in delivering services that satisfy the needs of citizens. Under this monopolised regime, landed property related data gathering, processing through land registration, storage and dissemination of the information as final product for public use is entirely based on expert knowledge. Meanwhile, reliance on this kind of knowledge for land information management has continuously failed to promote smooth flow and a broad based access to reliable information for decision making by citizens. This failure has created a huge land information gap between market participants’ especially genuine and fraudulent landed property owners on one hand and potential buyers, lenders, and investors on the other hand. Thus, there is information asymmetry, which this study identifies as a major contributory factor to the challenges of uncertainties and high transaction costs that characterise dealings in urban real estate markets in Ghana. In order to verify how the information gap can be closed, this research adopts quantitative research methodology. The research mainly explores multinomial logistic regression model to test Economic Theory of Knowledge propounded by Hayek (1945) using Ghana as the context of study. Primary data was collected from potential land information suppliers within the private sector and existing users of land information as likely beneficiaries of an efficient land information management regime. Interrater agreement index and Pearson’s bivariate correlation analysis were used to analyse primary data gathered from users of land information in relation to land information needs and competition in land information harnessing. Following verification of the relationship between competition and economic knowledge, the key research finding is that there are two kinds of land information management knowledge and these are expert and entrepreneurial land information management knowledge. Thus, the research presents empirical evidence that out of four types of entrepreneurial knowledge verified, two types namely adaptive and cost-efficient knowledge are most likely to influence competition in land information supply. Also, competition is likely to deliver land information services that satisfy the needs of users of land information. Altogether, the research findings converge with the theory verified. The research outcome suggests that deregulation of state monopoly of land information harnessing for competition among private economic actors in Ghana is due. Removing this barrier is likely to promote dynamic competition in which licensed land information suppliers can use adaptive and cost efficient knowledge in gathering and disseminating land information at competitive prices. The study also provides evidence that all-in-one land information, which is broadly accessible at competitive prices is likely to be required to help address the problem of information asymmetry in the context of Ghana. For purposes of practice in the context of urban real estate markets in Ghana, a framework based on the research findings is developed and validated. The framework is proposed to inform policy decision on deregulation for competition in land information harnessing to enable the real estate sector function well. To kick start the process, deregulation in land data gathering and dissemination of land information is suggested.