NPRA Hits Back at MP’s ‘False’ Pension Fund Claims, Defends CEO Salary and Projects
The National Pensions Regulatory Authority has issued a sweeping rebuttal of allegations made by Old Tafo MP Vincent Assafuah, calling them “false, misleading and unsubstantiated” while insisting it operates with transparency in supervising Ghana’s pension sector.
In a statement released Thursday, the NPRA said it was “disappointed” by what it described as “baseless and vile innuendos” that the regulator mismanages pension funds.
“We Don’t Hold the Money” — NPRA on Its Role
The Authority moved to clarify its mandate under the National Pensions Act, stressing that it does not hold or invest workers’ contributions.
“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.”
It pointed to enforcement actions against defaulting employers and recovery of unpaid contributions as evidence of accountability.
CEO Salary, Head Office, and Borrowing Allegations
Responding to specific claims about CEO Chris Boadi-Mensah, the NPRA said assertions that he doubled his salary upon assuming office are “completely untrue.” A 25 percent increment, it said, was approved by the previous Board in September 2024 and took effect January 1, 2025 — before Boadi-Mensah took office.
On the NPRA head office project, the Authority said Phase One is still under construction and not ready for occupation. “A simple visit to the construction site will confirm this fact,” it noted.
It also rejected claims that it borrowed GH¢700 million using pension contributions to fund Phase Two. “The allegation… is completely false,” the NPRA said, adding that preparations for Phase Two followed technical advice from consultants engaged under previous management.
Consultant, Vehicles, and Board Training
The Authority defended its engagement of pension expert Dr. Kofi Anokye as “prudent and in full compliance with procurement laws,” citing the need to expand pension coverage to the informal sector, which employs over 80 percent of Ghana’s workforce.
On vehicle procurement, the NPRA denied spending GH¢15 million on seven Land Cruisers in 2025. “The Authority has not procured seven Land Cruisers,” it stated. “We have only two — purchased in 2023 and 2026 respectively. We challenge Mr. Assafuah to provide verifiable evidence.”
The regulator also addressed questions about Board training, saying a programme at Bentley University is a six-month course that began in January 2026, not a two-week trip as alleged. The training covers global best practices in pension governance and financial management.
“Committed to Prudence and Accountability”
The NPRA concluded that all allegations against it and its leadership “lack merit” and reaffirmed its commitment to “prudence, transparency, and accountability in the supervision and regulation of Ghana’s pension industry.”
The statement comes amid heightened public scrutiny of pension administration, with contributors and lawmakers demanding clarity on fund management and governance.
MP Vincent Assafuah had raised concerns in Parliament and in media interviews about salaries, projects, and spending at the Authority.
