Pension funds not under our control — NPRA’s Philemon Laar responds to Minority

The Director of Planning, Research, Monitoring and Evaluation at the National Pensions Regulatory Authority (NPRA), Philemon Laar, has strongly refuted claims by Member of Parliament Vincent Ekow Assafuah that the Authority directly manages pension funds in Ghana.

Speaking on JoyNews on April 21, Mr Laar described the assertion as inaccurate and misleading, warning that such claims could distort public understanding of how the country’s pension system operates.

“I think that it's important that a Member of Parliament understands the basic rudiments of the laws of our country… the impression that the NPRA is the repository of pension funds in this country is wrong,” he stated.

Mr Laar explained that under Section 7 of the National Pensions Act, the NPRA functions strictly as a regulatory body. Its responsibilities include ensuring compliance with pension laws, issuing operational guidelines, setting industry standards, conducting research, and investigating complaints within the pensions sector.

He emphasised that the Authority does not handle, store, or manage pension contributions. Instead, he clarified that pension funds are held and administered by designated institutions under Ghana’s three-tier pension system.

“We do not keep funds… pension funds reside with Tier 1 under the Social Security and National Insurance Trust (SSNIT), while Tier 2 and Tier 3 are managed by corporate trustees and other privately administered schemes,” he explained.

Mr Laar questioned the basis of the allegations against the NPRA, challenging the MP to identify any specific breach of the Authority’s legal mandate.

“What aspect of this mandate has been breached?” he asked, adding that it is incorrect to accuse the NPRA of mismanaging or dissipating funds it does not control.

The remarks come amid an ongoing dispute between the NPRA and the Minority in Parliament over allegations of financial mismanagement and governance concerns within the Authority.

In April 2026, the Minority raised several issues regarding the leadership of the acting Chief Executive Officer, Chris Boadi-Mensah. These included claims that he had doubled his salary without board approval and carried out unauthorised restructuring within the organisation.

Additional allegations cited by the Minority include a reported GH¢8 million expenditure on a training programme at Bentley University in the United States, a GH¢4 million consultancy payment to former Chief Executive Officer Kofi Anokye, as well as concerns about procurement practices and infrastructure spending.

The Minority also questioned a proposed GH¢700 million Phase Two headquarters project despite Phase One reportedly remaining unused. Other concerns included the alleged purchase of seven Land Cruiser vehicles valued at GH¢15 million in late 2025 and nearly GH¢1 million spent on staff transfers.

However, the NPRA has firmly rejected these claims, stating that several figures have been misrepresented or taken out of context. The Authority clarified that the Bentley University programme is a six-month hybrid training course rather than a short-term trip, while the consultancy engagement with Dr Anokye was lawful and aimed at developing micro-pension systems to expand pension coverage.

It also refuted claims regarding vehicle procurement, stating that only two Land Cruisers have been acquired since 2023, contrary to the figures cited.

Mr Laar further dismissed allegations that the NPRA Chief Executive Officer had doubled his salary, describing the claim as baseless and unsupported by evidence.

“The basic legal principle is that he who alleges must prove… the CEO has not doubled his salary. We invite the media and the public to verify,” he said.

He urged public officials, particularly lawmakers, to exercise caution and responsibility in their public statements, stressing the importance of preserving the dignity and credibility of public office.

“The office of a Member of Parliament is a dignified one… it is important that we maintain that dignity,” he added.

Meanwhile, the Minority has called for an independent forensic audit into the Authority’s finances to establish the facts. The NPRA, however, maintains that it continues to operate within its legal framework and remains committed to transparency, accountability, and effective regulation of Ghana’s pension industry.