The National Pensions Regulatory Authority (NPRA) has strongly rejected allegations made by the Member of Parliament for Old Tafo, Vincent Assafuah, describing them as “false, misleading and unsubstantiated.”
In a press statement issued on Thursday, the Authority expressed disappointment over what it called “baseless and vile innuendos” suggesting that it mismanages pension funds.
NPRA Clarifies Its Mandate
The NPRA emphasized that it is not responsible for holding or managing pension funds, but rather plays a regulatory role under the National Pensions Act.
“The NPRA refutes claims that it is the unaccountable custodian of pension funds,” the statement said.
“Our mandate is strictly regulatory — to monitor and ensure the effective administration of the three-tier pension scheme.”
The Authority added that its accountability is demonstrated through enforcement actions, including prosecuting defaulting employers and recovering unpaid pension contributions.
Salary allegations dismissed:
Addressing claims about its Chief Executive Officer, Chris Boadi-Mensah, the Authority denied assertions that he doubled his salary upon assuming office.
“The claim… is completely untrue,” NPRA stated.
“A 25 percent salary increment was approved by the previous Board in September 2024, effective January 1, 2025, before his assumption of office.”
It further noted that due diligence would have clarified the matter.
Head Office Project and Borrowing Claims:
On allegations surrounding the NPRA head office project, the Authority clarified that Phase One of the building remains under construction and is not yet ready for occupation.
“A simple visit to the construction site will confirm this fact,” the statement said, urging the public to verify the project’s status independently.
The NPRA also denied claims that it had borrowed GH¢700 million using pension contributions to fund Phase Two of the project.
“The allegation… is completely false,” it stressed, explaining that preparations for Phase Two were based on tehnical advice from project consultants engaged under previous management.
Consultant Engagement Justified
The Authority defended its decision to engage pension expert Dr. Kofi Anokye, stating that the move was lawful and necessary.
“The engagement… was prudent and in full compliance with procurement laws,” NPRA said, adding that expanding pension coverage to the informal sector—where over 80 percent of Ghana’s workforce operates—remains a national priority.
Vehicle procurement claims refuted:
The NPRA also dismissed allegations that it spent GH¢15 million on seven Land Cruiser vehicles in 2025.
“The Authority has not procured seven Land Cruisers,” it clarified.
“We have only two — purchased in 2023 and 2026 respectively. We challenge Mr. Assafuah to provide verifiable evidence.”
Board training programme explained:
On concerns about a training programme for its Board, the Authority explained that the course at Bentley University is a six-month programme that began in January 2026.
“The allegation that it is a two-week programme is entirely false,” the statement noted, adding that the training focuses on global best practices in pension governance and financial management.
Commitment to accountability
In conclusion, the NPRA maintained that all allegations against it and its leadership lack merit.
“The Authority remains steadfast in its commitment to upholding prudence, transparency, and accountability in the supervision and regulation of Ghana’s pension industry,” the statement read.
Source: Kwadwo Baffour Atuahene
