NPRA Fiercely Rebuts Vincent Assafuah’s ‘False, Misleading and Baseless’ Pension Mismanagement Claims

The National Pensions Regulatory Authority (NPRA) has issued a strong rebuttal to allegations made by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, describing his claims of pension fund mismanagement as “false, misleading, and unsubstantiated.

In a detailed press release dated April 16, 2026, the Authority defended its operations, clarified its statutory mandate, and addressed multiple allegations relating to salary adjustments, procurement decisions, infrastructure development, and consultancy engagements.

NPRA Clarifies Its Mandate

At the centre of the dispute is the assertion that the NPRA acts as a custodian of pension funds without adequate accountability. The Authority firmly rejected this claim, explaining that under Section 7 of the National Pensions Act (Act 766), its role is strictly regulatory.

“The NPRA does not hold, manage, or disburse pension funds,” the statement emphasised, noting that its primary responsibility is to regulate and supervise the three-tier pension scheme to ensure efficiency, transparency, and compliance.

The Authority further cited recent enforcement actions, including the prosecution of defaulting employers and the recovery of unpaid pension contributions, as evidence of its commitment to protecting workers’ retirement benefits.

CEO Salary Allegations Dismissed

The NPRA also addressed claims that its Chief Executive Officer, Chris Boadi-Mensah, doubled his salary upon assuming office.

According to the Authority, a 25 percent salary increment had already been approved by a previous Board in September 2024 and took effect from January 1, 2025—prior to Mr Boadi-Mensah’s appointment. It stressed that the adjustment was part of an existing compensation framework inherited from the previous administration.

Office Project and ‘GH¢700 Million Loan’ Claims

Responding to concerns about its head office project at Dzorwulu in Accra, the NPRA clarified that Phase One of the building remains under construction and has not yet been completed, dismissing suggestions that the Authority has already relocated to the facility.

It also rejected allegations that GH¢700 million had been borrowed using pension contributors’ funds to finance Phase Two of the project.

“The claim is completely false,” the Authority stated, explaining that early preparatory works for Phase Two were based on technical advice from project consultants to ensure structural continuity. It added that the overall design of the project predates the current management.

Consultant Engagement Defended

On the engagement of pension consultant Dr. Kofi Anokye, the NPRA maintained that the decision was both lawful and necessary.

Citing Section 25 of Act 766, the Authority explained that its Board is empowered to engage consultants when required. It described Dr Anokye as a highly experienced expert with decades of knowledge, particularly in informal sector pension systems.

The NPRA also justified the creation of an Informal Sector Directorate, noting that more than 80 percent of Ghana’s workforce operates outside the formal pension scheme.

“Expanding pension coverage to this segment is a national priority,” the statement noted, highlighting the importance of inclusive pension reforms.

Vehicle Procurement Claims Rejected

The Authority further refuted claims that it spent GH¢15 million on seven Toyota Land Cruiser vehicles using pension funds.

It clarified that it currently has only two such vehicles, purchased in 2023 and 2026, and challenged the MP to provide verifiable evidence to support his allegations.

Board Training Programme Clarified

Addressing concerns about its capacity-building programme, the NPRA stated that its Board members are participating in a six-month training programme at Bentley University, which began in January 2026 and includes both virtual and in-person sessions.

This directly contradicts claims that the programme was a short two-week engagement. The Authority explained that the training focuses on international best practices in financial planning, risk management, and pension governance to strengthen institutional capacity.

‘Unfounded Allegations’ — NPRA

In its concluding remarks, the NPRA maintained that all allegations levelled against the Authority and its leadership lack merit and are not supported by facts.

“The allegations made against the Authority and its Chief Executive Officer are unfounded, unsubstantiated, and not supported by the facts,” the statement stressed.

The Authority reaffirmed its commitment to transparency, accountability, and prudent regulation of Ghana’s pension industry. It also urged the public to rely on verified information and avoid misinformation.

The development is expected to intensify public discourse around pension governance, institutional accountability, and political oversight, with stakeholders likely to demand further clarification and engagement in the coming days.