The National Pensions Regulatory Authority (NPRA) has rejected allegations of financial mismanagement made by the Minority in Parliament, describing the claims as “false, misleading and unsubstantiated.”
The Minority had, at a press conference addressed by the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, accused the NPRA of financial impropriety, citing the GH¢4 million consultancy fee, expenditure on foreign training, and other administrative decisions, and called for a full probe into the Authority.
READ: Minority accuses NPRA of paying GH¢4m consultancy fee to former CEO, demands probe
In a press release issued on Thursday, April 16, 2026, the NPRA responded to accusations made by the Old Tafo MP, firmly denying claims that it mismanages pension funds.
The Authority stated that it does not hold or disburse such funds. “The NPRA clarifies that its mandate… is strictly regulatory. It does not hold, manage, or disburse pension funds.”
It added that its core function is to regulate and monitor the three-tier pension scheme to ensure effective administration across the country.
Responding to concerns over the engagement of Dr. Kofi Anokye, the NPRA said the decision was lawful and necessary.
It explained that the National Pensions Act empowers its Board to engage consultants when required, describing the former CEO as “a long-standing, respected expert on pensions.”
The Authority maintained that the consultancy was aimed at supporting efforts to expand pension coverage, particularly within the informal sector, which it noted accounts for over 80 percent of Ghana’s workforce.
“The engagement was… prudent and not a needless duplication,” it stated.
The NPRA also refuted claims about a two-week foreign training programme in the United States, clarifying that the programme at Bentley University is a six-month hybrid course.
“The allegation… that it is a two-week programme is entirely false,” it said, adding that the training covers financial planning, risk management, and pension governance.
On the issue of a purported GH¢700 million facility for its head office project, the Authority described the claim as “completely false.”
It explained that the project predates the current leadership and that no such borrowing has been undertaken using pension contributors’ funds.
“The allegation that GH¢700 million has been borrowed… is completely false,” the statement emphasised.
The NPRA further denied claims that it procured seven Land Cruiser vehicles at a cost of GH¢15 million, stating that it currently has only two such vehicles, acquired in 2023 and 2026.
It also dismissed allegations that its Chief Executive Officer doubled his salary upon assumption of office, explaining that a 25 percent salary increment had already been approved by the previous board before the current administration took over.
“The Authority remains steadfast in its commitment to upholding prudence, transparency, and accountability in the supervision and regulation of Ghana’s pension industry,” the statement concluded.
Below is a copy of the press release:
Source: Starrfm.com.gh
