Vincent Ekow Assafuah
The Minority in Parliament has accused the Acting Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Chris Boadi-Mensah, of presiding over what it describes as excessive and questionable spending of pension funds, raising serious concerns about transparency, accountability, and fiduciary discipline.
Addressing a press conference in Parliament yesterday, the Member of Parliament (MP) for Old Tafo, Vincent Ekow Assafuah, said the Authority’s recent financial decisions risk undermining the security of pension contributions, which he described as the “deferred wages” of Ghanaian workers.
Central to the Minority’s concerns is the reported expenditure of GH¢15 million on the purchase of seven Toyota Land Cruiser vehicles in December 2025.
Mr. Assafuah questioned the necessity of the procurement, arguing that pension funds must not be used to finance what he termed executive luxury at the expense of contributors’ long-term welfare.
“Pension funds exist to guarantee decent retirement income and preserve dignity in old age, not to support avoidable administrative luxury,” he stated, insisting that such spending must be justified within the broader objective of securing sustainable pension outcomes.
GH¢6m On Foreign Training
The Minority also cited a two-week foreign training programme undertaken by the NPRA at Bentley University in Boston, United States, involving 21 officials, including board members and senior management.
According to Mr. Assafuah, the programme is estimated to have cost over GH¢6 million, with approximately GH¢2.38 million spent on business class airfares and about GH¢3.96 million on accommodation and per diem allowances, excluding tuition and other logistics.
He questioned the value-for-money of the training, asking what measurable outcomes were achieved and whether the programme addressed any critical institutional gaps in the nation’s pension administration.
Beyond these expenditures, the Minority raised broader governance concerns within the Authority, particularly regarding leadership decisions taken by Mr. Boadi-Mensah.
Doubled Salary
Mr. Assafuah alleged that the Acting CEO doubled his salary upon assuming office in February 2025 without board approval, at a time when the governing board had not yet been inaugurated.
“This raises serious questions about the legal authority under which such a decision was made and whether pension contributors’ resources are being used in accordance with established governance structures,” he noted.
The Minority also highlighted what it described as questionable administrative practices, including the execution of 11 staff transfers within a short period at an estimated cost of nearly GH¢1 million, as well as rapid promotions and appointments that raise concerns about merit and institutional necessity.
Additionally, the caucus criticised the reported engagement of a GH¢4 million consultancy on micro pensions, despite the creation of a dedicated directorate to handle the same function.
Mr. Assafuah described the move as a duplication of roles and a potential waste of scarce pension resources.
The Minority further pointed to potential conflicts of interest, noting that Mr. Boadi-Mensah simultaneously serves as Board Chairman of the National Insurance Commission, a situation it said raises concerns about concentration of regulatory authority and divided institutional focus.
It also questioned the delay in the release of information requested under the Right to Information Act, arguing that partial disclosures and consultations with the Attorney-General’s Department should not be used to delay accountability.
GH¢700 million loan
A major policy concern raised at the press conference was a proposed GH¢700 million loan or bond facility backed by Tier 2 and Tier 3 pension funds for the Phase Two expansion of the NPRA headquarters.
The Minority argued that the project is unnecessary, particularly as Phase One of the facility remains uncommissioned.
The caucus warned that the reported return on the facility, just over 5 percent, falls far below prevailing market rates, which it estimates at around 20 percent, potentially exposing contributors to significant opportunity costs.
Describing the issue as a fundamental test of fiduciary responsibility, Mr. Assafuah called for the immediate suspension and independent review of the proposed financing arrangement.
He urged key oversight institutions, including the Auditor-General, the Office of the Special Prosecutor, and civil society organisations, to investigate the Authority’s activities and ensure that pension funds are managed in the best interest of contributors.
“Pension funds must be managed with the highest level of discipline, transparency, and integrity,” he stressed.
By Ernest Kofi Adu
