NPRA rejects Assafuah’s allegations, defends transparency in pension oversight

The National Pensions Regulatory Authority (NPRA) has firmly denied allegations made by the Member of Parliament for Old Tafo, Vincent Assafuah, describing the claims as false, misleading, and without evidence.

In a press release issued on Thursday, the Authority said it was disappointed by what it termed baseless accusations suggesting it had mismanaged pension funds.

The Authority clarified that it does not hold or directly manage pension funds, but serves strictly as a regulator under the National Pensions Act.

According to the NPRA, its mandate is to supervise and ensure the efficient administration of Ghana’s three-tier pension scheme.

It added that its commitment to accountability is reflected in actions such as prosecuting defaulting employers and recovering unpaid pension contributions.

Responding to claims involving its Chief Executive Officer, Chris Boadi-Mensah, the Authority dismissed assertions that he doubled his salary after taking office.

The NPRA explained that a 25 percent salary adjustment had already been approved by the previous Board in September 2024, to take effect from January 1, 2025, before his appointment.

The Authority also responded to concerns over its head office project, stating that Phase One of the building is still under construction and not ready for use.

It urged the public to independently verify the status of the project.

The NPRA further denied claims that it borrowed GH¢700 million using pension contributions to finance Phase Two of the project, insisting the allegation is completely false.

It explained that preparations for the next phase were based on technical recommendations from consultants engaged under previous management.

The Authority also justified the engagement of pension expert Dr. Kofi Anokye, stating that the appointment was lawful, prudent, and complied with procurement regulations.

It noted that efforts to expand pension coverage to the informal sector, which represents more than 80 percent of Ghana’s workforce, remain a national priority.

The NPRA also denied allegations that it spent GH¢15 million on seven Land Cruiser vehicles in 2025.

According to the Authority, it owns only two Land Cruisers, purchased in 2023 and 2026 respectively, and challenged Mr. Assafuah to provide evidence for his claims.

Addressing concerns over a Board training programme, the Authority stated that the course at Bentley University is a six-month programme that began in January 2026, not a two-week programme as alleged.

It said the training is focused on international best practices in pension governance and financial management.

Commitment to Accountability

The NPRA concluded by stating that all allegations against the institution and its leadership are unfounded.

It reaffirmed its commitment to prudence, transparency, and accountability in regulating Ghana’s pension industry.

Story by: Joshua Kwabena Smith