The National Pensions Regulatory Authority (NPRA) has strongly refuted allegations made by the Member of Parliament for Old Tafo, Vincent Assafuah, describing his claims as false, misleading, and lacking factual basis.
In a press release issued in Accra on April 16, 2026, the Authority expressed disappointment over statements made by the MP, which questioned the prudence, transparency, and accountability in the management of Ghana’s pension funds.
The NPRA clarified that it does not hold or manage pension funds, contrary to claims made by Mr. Assafuah. It explained that its mandate under the National Pensions Act (Act 766) is strictly regulatory, focused on supervising and ensuring the effective administration of the country’s three-tier pension scheme.
Addressing specific allegations, the Authority dismissed claims that its Chief Executive Officer, Chris Boadi-Mensah, had doubled his salary upon assuming office. According to the NPRA, a 25 percent salary increment had already been approved by a previous board in September 2024, before his appointment, and took effect in January 2025.
On the issue of the NPRA’s head office project, the Authority denied claims that it had borrowed GH¢700 million using pension funds to finance construction. It explained that the project remains under construction and that no such borrowing has taken place. The NPRA added that ongoing work on the second phase of the project follows technical advice from consultants engaged under a previous administration.
The Authority also rejected allegations regarding the procurement of seven Land Cruiser vehicles at a cost of GH¢15 million, stating that it currently owns only two such vehicles, purchased in 2023 and 2026.
Furthermore, the NPRA defended its decision to engage pension expert Dr. Kofi Anokye as a consultant, noting that the move complies with provisions of the National Pensions Act and procurement laws. It emphasized that the initiative is aimed at expanding pension coverage to Ghana’s largely informal workforce.
On capacity-building efforts, the Authority clarified that its board members are participating in a six-month training programme at Bentley University, not a two-week course as alleged.
The NPRA reaffirmed its commitment to transparency, accountability, and prudent regulation of the pension sector, urging the public to disregard what it described as unfounded claims.
Story By: Eric Boateng
