The National Pensions Regulatory Authority (NPRA) has issued a forceful rebuttal to allegations made by Vincent Assafuah, Member of Parliament for Old Tafo, regarding the management of pension funds and the conduct of its Chief Executive Officer (CEO), Chris Boadi-Mensah.
In a press release sighted by the Business and Financial Times (B&FT), the NPRA described the MP’s recent public statements and media commentary as “baseless and vile innuendo,” insisting that several factual inaccuracies marred the legislator’s call for prudence and accountability.
The NPRA refuted the MP’s characterisation of the authority as an unaccountable custodian of pension contributions. “The NPRA clarifies that its mandate under Section 7 of the National Pensions Act (Act 766) is strictly regulatory. It does not hold, manage or disburse pension funds,” a portion of the statement read.
The regulator emphasised that its role is confined to monitoring the three-tier pension scheme and ensuring effective pension administration, and not engaged directly in the management of pension funds.
The statement cited recent enforcement actions, including the prosecution of defaulting employers and the recovery of unpaid contributions to the tune of GH¢27 million, as evidence of its commitment to protecting workers’ retirement savings.
Addressing a specific claim regarding the compensation of its CEO, the NPRA stated it is “entirely false” that he doubled his salary upon assuming office, stressing that the adjustment preceded him.
According to the statement, a 25 percent salary increment was approved by the previous Board in September 2024 under the immediate past government, with an effective date of January 1, 2025.
The NPRA noted that the exit packages for former executives were calculated based on this approved structure. “A little bit of due diligence on the part of Mr. Assafuah would have established this fact,” the statement added.
On the subject of the NPRA’s ongoing head office project at Dzorwulu, the authority clarified that Phase 1 remains under construction, making relocation impossible. The NPRA denied the allegation that it has borrowed GH¢700million against pension contributions to fund the Phase 2 office complex. “The allegation is completely false,” the statement said.
The NPRA explained that the Phase 2 project design predates the current CEO’s tenure and that technical advice from consultants necessitated the commencement of foundational work for Phase 2 to avoid future operational disruptions.
The authority also defended its engagement of Dr. Kofi Anokye as a pension consultant, citing Section 25 of Act 766 which allows the Board to engage experts. The NPRA described the move as prudent, given Dr. Anokye’s expertise in designing micro-pension systems for the informal sector, where over 80 percent of Ghana’s workforce operates.
However, the NPRA challenged the MP to provide verifiable evidence of his alleged claim of the procurement of seven Land Cruiser vehicles at a cost of GH¢15million in December 2025. The authority clarified that it has procured only two Land Cruisers – one in 2023 and one in 2026.
The NPRA detailed the capacity-building initiative for its Board of Directors at Bentley University. Contrary to claims of a two-week programme, the authority confirmed it is a six-month hybrid (virtual and in-person) training focused on financial planning and pension governance, which commenced in January 2026 and is ongoing.
The NPRA concluded that the allegations made against the authority and its CEO are “unfounded, unsubstantiated and not supported by the facts,” and affirmed its commitment to transparency and accountability in regulating the pension industry.
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