The Minority in Parliament has accused the Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Chris Boadi-Mensah, of doubling his salary without board approval.
Speaking to the media on Thursday, April 16, 2026, the Member of Parliament for Old Tafo, Vincent Ekow Assafuah, questioned the legality of the alleged salary increment.
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He claimed the increase was effected shortly after the CEO assumed office in February 2025, at a time when the Authority did not have a governing board in place.
“A particularly disturbing issue has emerged. We are informed that Boadi-Mensah doubled his salary immediately upon assumption of office in February 2025.
“Without board approval, and even in the absence of a board at the time of his appointment, he doubled his salary,” he alleged.
Assafuah further questioned the justification for the increment, which he said was based on comparisons with the Social Security and National Insurance Trust (SSNIT).
“The argument he makes is that he regulates SSNIT. Why then should the SSNIT CEO earn more than him as the regulator? It is on this basis that he doubled his salary in February 2025,” he added.
The MP said the development raises serious concerns about governance and accountability within the Authority.
“This raises grave governance questions about the authority under which such a salary adjustment was made, the legal basis for it, and whether pension contributors’ resources were used to finance executive remuneration outside approved governance structures,” he stated.
He also raised concerns about another expenditure allegedly approved by the CEO.
“In addition, we are informed that in December 2025, Chris Boadi-Mensah authorised the expenditure of GH¢15 million on seven Land Cruiser vehicles,” he said.
According to him, the cost per vehicle appears inflated when compared to prevailing market prices.
“Today, if you visit Toyota Ghana to purchase a brand-new 2026 Land Cruiser, it would cost about GH¢1.3 to GH¢1.4 million. However, spending GH¢15 million on seven vehicles suggests a unit cost of over GH¢2.2 million—almost an 80% increase,” he argued.
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Assafuah said the Minority is concerned about whether such expenditure reflects the priorities of the institution.
“We are compelled to ask whether such spending represents a genuine institutional priority in the interest of pension contributors, especially at a time when they expect prudence, sustainability, and improved retirement outcomes,” he concluded.
