The National Pensions Regulatory Authority (NPRA) has firmly rejected allegations made by Old Tafo MP Vincent Assafuah, describing them as “false, misleading and unsubstantiated.”
In a press release issued on April 16, the Authority addressed a range of claims concerning its operations, including issues related to salary adjustments, procurement, consultancy engagements and a proposed head office project.
The NPRA clarified that it is not the custodian of pension funds, contrary to suggestions made by the MP. It explained that its mandate under the National Pensions Act, 2008 (Act 766), is strictly regulatory, focusing on overseeing and monitoring the three-tier pension scheme to ensure effective administration.
Responding to claims about the Chief Executive Officer’s salary, the Authority dismissed assertions that Chris Boadi-Mensah doubled his pay upon assuming office. According to the statement, a 25 percent salary increment had already been approved by the previous board in September 2024, with implementation scheduled before his tenure.
“It is therefore untrue that the CEO doubled his salary. A little due diligence would have established this fact,” the statement noted .
On procurement concerns, the NPRA denied claims that it had spent GH¢15 million on seven Toyota Land Cruiser vehicles. It clarified that it currently has only two such vehicles, acquired in 2023 and 2026 respectively, and challenged the MP to provide evidence to support his claims.
The Authority also addressed allegations surrounding its head office project, stating that Phase One of the building remains under construction and is not yet ready for occupation. It further refuted claims that GH¢700 million had been borrowed using pension contributors’ funds to finance the project, describing the assertion as entirely false.
Regarding the engagement of Kofi Anokye as a pension consultant, the NPRA maintained that the decision was both lawful and necessary. It explained that the engagement is backed by Act 766 and aimed at supporting government efforts to expand pension coverage to Ghana’s largely informal workforce.
The Authority added that the creation of an Informal Sector Directorate is a strategic response to the reality that more than 80 percent of Ghana’s workforce operates outside the formal pension system.
On capacity building, the NPRA clarified that a training programme for its Board at Bentley University is a six-month hybrid course, not a two-week programme as alleged.
The Authority concluded by reaffirming its commitment to transparency, accountability and prudent regulation of Ghana’s pension industry, insisting that the allegations levelled against it do not reflect the facts.
