The National Pensions Regulatory Authority (NPRA) has defended plans to construct a 10-storey building under the second phase of its office project, citing plans to establish a pensions college and a data bank for the pensions industry.

A representative of the authority, appearing before a Parliament's Public Accounts Committee, said the proposed facilities would support training for industry professionals and other stakeholders, as well as provide a central repository for data across the pensions industry.

“Embedded in Phase Two is going to be a pensions college that will be training the industry and other stakeholders. And then there is also going to be a data bank that will house the data for the entire industry,” he said.

The explanation followed questions from the chairperson, Abena Osei-Asare, about the need for the additional 10-storey structure and the authority's plans to finance the project.

The committee member challenged the need for such a large building, arguing that data storage did not require extensive physical space, and questioned how the authority intended to repay the loan.

The NPRA representative disclosed that the authority had planned to raise GH¢500 million for the project but had accessed GH¢200 million in 2025.

Asked whether the GH¢200 million would be sufficient to complete Phase Two, the representative answered in the negative.

The committee chair also sought clarification on whether the repayment would come from the authority's internally generated revenue or whether the government would bear the cost.

In response, the representative said the NPRA would repay the loan using its own resources.

The authority further explained that the design of the building was influenced by requirements governing construction along the stretch where its offices are located.

According to the representative, "The authority initially planned a four-storey structure because it lacked the funds to construct a 10-storey building at the time. "The second phase would subsequently meet the height requirement for the area.