The National Pensions Regulatory Authority (NPRA) has defended its GH¢4 million consultancy engagement involving former Chief Executive, Kofi Anokye, insisting the appointment was lawful, necessary, and fully compliant with Ghana’s pension and procurement laws.
The response follows a press conference held on Thursday, April 16, 2026, by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, who accused the Authority of financial mismanagement, including what he described as a duplication of roles through the creation of a micro pensions directorate alongside the consultancy arrangement.
At the press briefing, the Minority questioned the justification for the GH¢4 million consultancy fee, arguing that the functions being carried out overlapped with the newly established institutional structure for informal sector pensions.
But in a swift rebuttal through a press release issued, the NPRA dismissed the allegations as “unfounded, unsubstantiated, and not supported by the facts,” stressing that the engagement was grounded in law.
READ: Minority accuses NPRA of paying GH¢4m consultancy fee to former CEO, demands probe
“Section 25 of the National Pensions Act (Act 766) expressly empowers the NPRA Board to engage consultants as and when necessary,” the Authority stated.
It explained that Dr. Anokye was engaged as a “long-standing, respected expert on pensions in Ghana,” with experience in digital financial systems and informal sector pension design and reform, particularly to support efforts to expand pension coverage.
The Authority further rejected claims that the consultancy duplicated the work of the informal sector directorate, stating that the structure was a deliberate policy response to the reality that over 80 percent of Ghana’s workforce operates in the informal sector.
“The creation of a dedicated Informal Sector Directorate is not duplication. It is a necessary institutional response and strategy,” the statement noted.
NPRA also maintained that the engagement followed due process, including approval under the Ministry of Finance’s Commitment Authorisation framework and compliance with public procurement laws.
READ: NPRA rejects Minority’s claims, says it does not manage pension funds
The Authority emphaised that it remains committed to transparency, accountability, and strengthening pension regulation in Ghana, despite what it described as misleading claims made at the press conference.
Below is a copy of the press release:
Source: Starrfm.com.gh
