The National Pensions Regulatory Authority (NPRA) has dismissed allegations of mismanagement and lack of accountability in the handling of Ghana’s pension funds, describing claims made by the Member of Parliament for Old Tafo, Vincent Assafuah, as false and misleading.
In a press release issued on Thursday, the Authority said it was “disappointed” by statements attributed to the lawmaker, including remarks made on Asempa FM suggesting that the NPRA mismanages pension funds.
The NPRA clarified that it does not hold or disburse pension funds, stressing that its mandate under the National Pensions Act, 2008 (Act 766), is strictly regulatory.
According to the Authority, its core function is to supervise and monitor the operations of the country’s three-tier pension scheme to ensure effective administration.
Addressing claims regarding the salary of its Chief Executive Officer, Chris Boadi-Mensah, the NPRA stated that assertions he doubled his salary upon assuming office were “entirely false.” It explained that a 25 percent salary increment had already been approved by the previous board in September 2024, effective January 2025, prior to his appointment.
On concerns surrounding the NPRA head office project, the Authority noted that Phase One of the construction remains incomplete and dismissed claims that GHS 700 million had been borrowed using pension contributions to fund Phase Two. It described such allegations as baseless, adding that plans for the second phase predate the current administration.
The Authority also defended its engagement of pension consultant Dr. Kofi Anokye, stating that the move was lawful and necessary to support efforts to expand pension coverage, particularly within the informal sector, which accounts for over 80 percent of Ghana’s workforce.
In response to procurement allegations, the NPRA denied claims that it had spent GHS 15 million on seven Land Cruiser vehicles. It clarified that only two such vehicles had been purchased—in 2023 and 2026—and challenged the MP to provide evidence to support his claims.
Additionally, the NPRA addressed concerns about a training programme for its Board of Directors at Bentley University, stating that the initiative is a six-month programme combining virtual and in-person sessions, contrary to claims that it was a two-week exercise.
The Authority concluded by reaffirming its commitment to transparency, prudence, and accountability in the regulation of Ghana’s pension sector, insisting that the allegations against it and its leadership are unfounded and unsupported by facts.
