The Minority in Parliament has called for the immediate suspension of a proposed GH¢700 million loan facility by the National Pensions Regulatory Authority (NPRA), raising concerns about financial irregularities and questionable management decisions.
Addressing journalists in Parliament on Thursday, April 16, 2026, the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, urged the Finance Minister to halt the process and initiate an independent review of the facility. The loan is intended to finance Phase Two of the NPRA’s headquarters project, even though Phase One of the project remains unused despite significant investment.
According to the Minority, the decision raises concerns about prudence and value for money, particularly given that the first phase has yet to serve its intended purpose.
“We call for the immediate suspension and independent review of the GH¢700 million Phase Two facility proposal, including its necessity, repayment terms, pricing basis, and long-term impact on contributors’ returns,” Mr. Assafuah stated.
Beyond the loan facility, the Minority also alleged a series of administrative and financial irregularities under the leadership of NPRA Chief Executive, Chris Boadi-Mensah.
One of the key concerns raised was an alleged salary increment undertaken by the CEO shortly after assuming office in February 2025, at a time when the NPRA Board had not yet been constituted.
“A particularly disturbing issue has emerged. We are informed that Mr. Boadi-Mensah doubled his salary immediately upon assumption of office without board approval,” Mr. Assafuah claimed, questioning the legal basis and authorization for such a decision.
The Minority further criticised the reported appointment of a former NPRA Chief Executive Officer, Kofi Anokye, as a consultant on micro-pensions at a cost of GH¢4 million. Mr. Assafuah argued that the role duplicates the responsibilities of an existing directorate within the Authority, describing it as an unnecessary cost burden on pension contributors.
He questioned the justification for the consultancy arrangement and called for transparency regarding its approval and execution.
The Old Tafo MP also raised broader concerns about governance at the NPRA, particularly decisions taken without board oversight, including management restructuring.
In light of these issues, the Minority is calling on key state institutions and stakeholders including the President, the Finance Minister, organised labour groups, civil society organisations, and the Auditor-General to intervene and ensure accountability.
Mr. Assafuah stressed the need to safeguard pension funds, warning against what he described as the potential misuse of contributors’ hard-earned savings.
He concluded by urging a comprehensive review of the proposed loan facility, emphasizing the need to assess its necessity, pricing structure, and long-term opportunity cost compared to prevailing market returns.
