The National Pensions Regulatory Authority (NPRA) has firmly rejected a series of allegations made by Old Tafo Member of Parliament Vincent Assafuah, describing them as false, misleading and unsubstantiated in a press release issued on Wednesday, April 16.
The Authority addressed claims spanning executive salary adjustments, vehicle procurement, a consultancy engagement, a planned head office project, and an overseas training programme, countering each point with what it described as established facts.
On the most contentious allegation, the NPRA dismissed the assertion that Chief Executive Officer Chris Boadi-Mensah doubled his own salary upon assuming office. The Authority stated that a 25 percent salary increment had been approved by the previous board as far back as September 2024, with implementation scheduled before his tenure began. “It is therefore untrue that the CEO doubled his salary. A little due diligence would have established this fact,” the statement noted.
Assafuah had alleged at a press conference on Thursday, April 16 that Boadi-Mensah increased his own salary immediately upon assuming office in February 2025, at a time when the NPRA board had not yet been inaugurated, questioning the legality of the move.
The NPRA also denied spending GH¢15 million on seven Toyota Land Cruiser vehicles, saying it currently holds only two such vehicles, acquired in 2023 and 2026 respectively, and challenged the MP to provide supporting evidence. The Authority further described as entirely false the claim that GH¢700 million in pension contributors’ funds had been borrowed to finance a head office project, clarifying that Phase One of the building remains under construction and is not yet ready for occupation.
Regarding the engagement of pension consultant Kofi Anokye, the Authority maintained the decision was lawful and necessary, backed by the National Pensions Act, 2008, Act 766, and aimed at expanding pension coverage to Ghana’s largely informal workforce. The NPRA noted that more than 80 percent of the country’s workforce operates outside the formal pension system, making the creation of an Informal Sector Directorate a strategic necessity.
On the Bentley University training programme, the NPRA clarified that the course is a six-month hybrid programme, not a two-week arrangement as alleged. Assafuah had claimed the programme involved 21 participants including board members, directors and senior management, and questioned whether the expenditure represented value for pension contributors.
The Authority concluded by reaffirming its commitment to transparency and prudent regulation of Ghana’s pension industry, insisting the allegations do not reflect the facts.
