THE National Pensions Regulatory Authority (NPRA) has firmly denied claims that its Chief Executive Officer, Chris Boadi-Mensah, increased his salary by 25 per cent upon assuming office, describing the allegation as false and misleading.
According to the authority, they explained that the 25 per cent salary adjustment in question was approved by a previous board in September 2024, with implementation effective January 1, 2025, prior to Mr Boadi-Mensah’s appointment.
A statement issued in Accra on Friday signed by its Corporate Affairs Directorate and copied to The Ghanaian Times said the approved salary structure formed the basis for the remuneration and exit packages of former executives, and, therefore, could not be attributed to any unilateral decision by the current Chief Executive.
“The authority does not hold, manage or disburse pension funds,” the statement emphasised, adding that its role was to regulate and monitor the three-tier pension scheme to ensure efficiency and compliance within the industry.
The NPRA further cited ongoing enforcement actions, including the prosecution of defaulting employers and the recovery of unpaid pension contributions, as evidence of its commitment to safeguarding workers’ retirement benefits.
The statement was in response to allegations made by the Member of Parliament for Old Tafo, Vincent Assafuah, who had questioned the authority’s accountability and financial management in a recent press engagement.
It rejected assertions that it was the custodian or manager of pension funds, clarifying that its mandate under the National Pensions Act, 2008 (Act 766) was strictly regulatory.
On the issue of its head office project at Dzorwulu in Accra, the authority noted that Phase One of the project remained under construction and was yet to be completed, dismissing claims that it had already taken occupancy.
It also debunked allegations that it had borrowed GH¢700 million against pension contributors to finance Phase Two of the project, describing the claim as entirely false. The authority explained that the scope and design of the second phase predated the current administration and was based on technical advice to ensure structural continuity.
Moreover, touching on procurement concerns, the NPRA refuted claims that it had purchased seven Land Cruiser vehicles at a cost of GH¢15 million using pension funds. It clarified that it had only two such vehicles, acquired in 2023 and 2026 respectively.
The authority also defended its decision to engage pension expert, Dr Kofi Anokye, stating that the move was consistent with provisions under Act 766 and aligned with national efforts to expand pension coverage to the informal sector, which constitutes over 80 per cent of Ghana’s workforce.
Regarding capacity building, the NPRA elaborated that its board training programme at Bentley University was a six-month hybrid course, contrary to claims that it was a brief two-week exercise.
The authority maintained that all allegations levelled against it and its Chief Executive were unfounded, and reaffirmed its commitment to transparency, accountability and prudent regulation of Ghana’s pension sector.
BY KINGSLEY ASARE
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