The National Pensions Regulatory Authority (National Pensions Regulatory Authority) has firmly rejected allegations made by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, describing them as “false, misleading and unsubstantiated.”
In a statement issued on Thursday, the Authority expressed disappointment over what it termed “baseless and vile innuendos” suggesting that it mismanages pension funds.
The NPRA stressed that it does not hold or manage pension funds, but rather serves as a regulator under the National Pensions Act.
“It refutes claims that it is the unaccountable custodian of pension funds,” the statement said, adding that its mandate is strictly regulatory—to monitor and ensure the effective administration of the three-tier pension scheme.
It further stated that its accountability is demonstrated through enforcement actions, including prosecuting defaulting employers and recovering unpaid pension contributions.
Responding to claims about its Chief Executive Officer, Chris Boadi-Mensah, the Authority dismissed suggestions that he doubled his salary upon assuming office.
It explained that a 25 per cent salary increment had already been approved by the previous Board in September 2024 and took effect on January 1, 2025, before he assumed office.
The Authority also addressed concerns about its head office project, clarifying that Phase One of the building is still under construction and not yet ready for use.
“A simple visit to the construction site will confirm this fact,” the statement noted, urging the public to verify the situation independently.
It further denied claims that it had borrowed GH¢700 million using pension contributions to fund Phase Two of the project, describing the allegation as completely false. According to the NPRA, preparations for the next phase are based on technical advice from consultants engaged under previous management.
The Authority justified its decision to engage pension expert Dr Kofi Anokye, stating that the process followed procurement laws and was necessary.
It added that expanding pension coverage to the informal sector, which accounts for more than 80 per cent of Ghana’s workforce, remains a national priority.
The NPRA also dismissed claims that it spent GH¢15 million on seven Land Cruiser vehicles in 2025, insisting it has only two vehicles acquired in 2023 and 2026 respectively, and challenged the MP to provide evidence.
On concerns about a training programme for its Board, the Authority clarified that the course at Bentley University is a six-month programme that began in January 2026, describing claims of a two-week course as false.
In conclusion, the Authority maintained that the allegations against it and its leadership lack merit and reaffirmed its commitment to prudence, transparency, and accountability in regulating Ghana’s pension industry.
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