The National Pensions Regulatory Authority (NPRA) has rejected claims made by the Member of Parliament for Old Tafo, Vincent Assafuah, describing his allegations on pension fund management as false, misleading, and without factual basis.
In a detailed statement issued in Accra on April 16, 2026, the Authority said it had taken note of the MP’s press comments and related media interviews, but insisted that its mandate does not include the management or custody of pension funds.
“The NPRA refutes claims that it is the unaccountable custodian of pension funds,” the statement said.
It explained that under Section 7 of the National Pensions Act (Act 766), its role is strictly regulatory and focused on monitoring and supervising the three-tier pension scheme.
“The NPRA’s object is to regulate and monitor the operation of the 3-tier pension scheme and to ensure the effective administration of pensions in the country,” it added.
On claims regarding salary increments of its Chief Executive Officer, the Authority dismissed the allegations as inaccurate, stating that any approved adjustments were made before the current leadership assumed office.
“The claim that Mr. Chris Boadi-Mensah doubled his salary upon assuming office is completely untrue,” it stated, adding that a 25% increment had been approved by a previous board.
The NPRA also addressed concerns about its headquarters project, rejecting suggestions that GH¢700 million had been borrowed against pension contributions.
“The allegation that GHS 700 million has been borrowed on the back of pension contributors to build the Phase 2 office complex is completely false,” the Authority said.
It clarified that the project is still under construction and that technical recommendations necessitated ongoing development works.
On the engagement of consultants, the Authority defended its decision, citing legal provisions that allow the Board to hire experts when necessary.
“Section 25 of the National Pensions Act (Act 766) expressly empowers the NPRA Board to engage consultants as and when necessary,” it noted.
The NPRA also dismissed claims about the procurement of seven Land Cruisers, stating that only two vehicles had been purchased in 2023 and 2026.
“We challenge Mr. Assafuah to provide verifiable evidence of his claim,” it said.
Regarding capacity building for its Board, the Authority clarified that the training programme at Bentley University is ongoing and spans six months, contrary to claims that it was a short course.
The Authority concluded by reaffirming its commitment to transparency and accountability in pension regulation.
“The Authority remains steadfast in its commitment to upholding prudence, transparency, and accountability in the supervision and regulation of Ghana’s pension industry,” it stated.
