The National Pensions Regulatory Authority (NPRA) has strongly dismissed allegations made by Vincent Assafuah, describing them as “false, misleading and unsupported by fact” while reaffirming its role as a regulator, not a manager of pension funds.
In a detailed statement, the authority said it was “disappointed” by the lawmaker’s public comments, which it argued created a false impression that the NPRA directly controls pension funds.
“The NPRA refutes claims that it is the unaccountable custodian of pension funds,” the statement said, adding that suggestions it “mismanages and misappropriates pension funds” are inaccurate.
Clarifying Legal Mandate
The regulator emphasised that under the National Pensions Act, Act 766, its mandate is strictly supervisory. It explained that it neither holds nor disburses pension funds but instead oversees trustees and administrators managing the three-tier pension scheme.
This distinction, the NPRA noted, is central to the debate, shifting the issue from alleged fund misuse to the integrity of regulatory oversight.
The authority highlighted recent enforcement actions, including prosecutions of defaulting employers and recovery of unpaid contributions, as evidence of its active role in protecting workers’ pensions.
The authority also rejected claims concerning the remuneration of its Chief Executive, Chris Boadi-Mensah, describing assertions that he doubled his salary as “completely untrue.” It clarified that a 25 percent increment had been approved by a previous board before his appointment.
On infrastructure, the NPRA denied allegations that it had borrowed GH¢700 million using pension funds to finance its head office project. It explained that the first phase remains under construction and that plans for a second phase predate the current leadership.
Consultant Engagement and Procurement Issues
Responding to concerns about the engagement of pensions expert Kofi Anokye, the authority said the decision was lawful and grounded in provisions that allow it to hire consultants. It described the engagement as part of efforts to expand pension coverage, particularly in Ghana’s large informal sector.
The NPRA also dismissed claims regarding the procurement of vehicles, stating that reports of spending GH¢15 million on seven Land Cruisers were “entirely false.” It maintained that only two such vehicles had been acquired in recent years.
The authority further clarified that its board training programme at Bentley University is a six-month initiative, not a short-term event as alleged, aimed at enhancing governance and financial oversight.
In its concluding remarks, the NPRA reiterated its commitment to transparency and accountability, insisting that the allegations against it remain “unfounded” and unsupported by evidence.
The dispute underscores broader concerns about public trust in Ghana’s pension system, with the regulator now seeking to reinforce confidence in the institutional framework governing retirement savings.
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