Assafuah flags ‘luxury spending’ in pensions sector, questions GH¢15m vehicle purchase

Member of Parliament for Old Tafo, Vincent Ekow Assafuah, has raised fresh concerns over what he describes as rising luxury expenditure within Ghana’s pension administration system.

He cited the reported procurement of seven Land Cruiser vehicles at a cost of GH¢15 million, questioning whether such spending aligns with the mandate of safeguarding pension funds.

“Pension funds are not instruments for prestige projects or executive comfort,” he stressed, insisting that every cedi must directly improve retirement outcomes for contributors.

Mr Assafuah argued that expenditures of this scale must be subjected to rigorous scrutiny, including verification of procurement processes, board approvals, and clear justification of necessity.

He warned that failure to enforce such standards could erode public trust in institutions like the National Pensions Regulatory Authority and weaken confidence in the broader pension system.

The MP is therefore calling on oversight bodies, including the Auditor-General and anti-corruption agencies, to investigate the expenditure and ensure full accountability.