NPRA cites pensions college, data bank to justify 10-storey building project

The National Pensions Regulatory Authority (NPRA) has defended its plan to build a 10-storey office building as part of its second phase of the project. The authority's justification for the taller building lies in its intent to establish a pensions college and data bank for the industry. During a hearing before Parliament’s Public Accounts Committee, a representative from NPRA explained that the proposed facilities would serve to train industry professionals and provide a central repository for data across the pensions sector.

The representative assured the committee that the building's height complied with local construction regulations, as it was increased from initially planned four storeys due to funding constraints. This explanation came in response to questions from committee chair Abena Osei-Asare, who expressed skepticism about the necessity of the larger structure, questioning the need for extensive physical space for data storage and how the authority planned to repay the loan.

NPRA's representative revealed that they had initially planned to raise GH¢500 million for the project but had only accessed GH¢200 million so far, which they indicated would be insufficient to complete the 10-storey phase. When asked about the repayment method, the representative confirmed that NPRA would cover the costs using its own resources, rather than government funding.