- NPRA Denies Mismanagement Claims, Clarifies Role in Ghana’s Pension System
The National Pensions Regulatory Authority has forcefully rejected allegations made by Old Tafo MP Vincent Assafuah, describing them as false, misleading and unsupported by fact, as it moved to defend its handling of Ghana’s pensions industry and the conduct of its chief executive.
In a press release, the regulator said it had noted “with disappointment” the lawmaker’s public comments and accused him of creating the false impression that the NPRA directly manages or controls pension funds. The authority said that characterisation fundamentally misstates its legal role under Ghana’s pensions framework.
“The NPRA refutes claims that it is the unaccountable custodian of pension funds,” the authority said, adding that suggestions on radio that it “mismanages and misappropriates pension funds” were “false and misleading.”
The regulator said its mandate under Section 7 of the National Pensions Act, Act 766, is “strictly regulatory” and that it does not “hold, manage, or disburse pension funds.” Instead, it said its role is to regulate and monitor the operation of the three-tier pension scheme and ensure the effective administration of pensions in the country.
That distinction goes to the heart of the dispute. In pushing back against the allegations, the NPRA sought to recast the issue not as one of fund misuse but of regulatory oversight and institutional accountability. It pointed to enforcement measures it says it has recently undertaken, including prosecuting employers, recovering defaulted contributions and training prosecutors to help protect workers’ pensions.
The authority also dismissed claims relating to the compensation of its chief executive, Chris Boadi-Mensah. According to the NPRA, the assertion that he doubled his salary upon assuming office is “completely untrue”. It said a 25 per cent salary increment had already been approved by the previous board in September 2024, effective January 1, 2025, before he took office. “Therefore, the claim by Mr. Assafuah that Mr. Boadi-Mensah doubled his salary upon the assumption of office is entirely false and unsubstantiated,” it said.
On the question of the authority’s head office project, the NPRA said allegations that it had borrowed GH¢700m on the back of pension contributors to fund a second phase of the development were “completely false”. It said the first phase of the project remains under construction and that the authority cannot move into an uncompleted facility. It further stated that the design and scope of the second phase predated the current chief executive’s appointment, and that the commencement of funding processes followed technical advice from the project consultant.
The regulator also defended its engagement of pensions consultant Dr Kofi Anokye, saying the decision was lawful and justified. Citing Section 25 of Act 766, the authority said its board is expressly empowered to engage consultants when necessary. It described Anokye as “a long-standing, respected expert on pensions in Ghana” and said his work was intended to support efforts to expand pension coverage to the informal sector.
In doing so, the NPRA made a broader policy argument: that building out a dedicated informal sector pensions architecture is not administrative duplication but a necessary response to the structure of Ghana’s labour market. More than 80 per cent of the workforce, it noted, remains in the informal economy and outside the formal pension net.
The authority further rejected allegations surrounding the procurement of official vehicles. It said the claim that GH¢15 mn had been spent on seven Toyota Land Cruisers in December 2025, financed from pension contributions, was “entirely false”. According to the NPRA, it has only two Land Cruisers, acquired in 2023 and 2026 respectively, and challenged the MP to provide evidence for his claim.
It also responded to criticism of a board training programme at Bentley University, saying the programme is not a two-week event, as alleged, but a six-month virtual and in-person course that began in January 2026 and is still ongoing. The programme, it said, is intended to expose directors to international best practice in financial planning, risk management, pension governance and administration.
In its concluding remarks, the authority said the allegations against it and its chief executive were “unfounded, unsubstantiated, and not supported by the facts” and reiterated its commitment to “prudence, transparency, and accountability in the supervision and regulation of Ghana’s pension industry”.
The episode leaves the NPRA defending not only specific decisions but also the broader integrity of the institutional architecture underpinning Ghana’s pension system. In a sector where public trust is central, the real contest may now be less about rhetoric than about whether the authority can persuade contributors that regulatory credibility remains intact.
