Reforming the Ghanaian social security system: prospects and challenges

This paper examines the major features of the Ghanaian social security system. It discusses the Ghanaian scheme by examining the extent of coverage, criteria for eligibility, and the method of administration and financing. The paper undertakes an assessment of the existing security scheme and highlights its major limitations and weaknesses. It proposes measures for reforming the security system by suggesting an extension in coverage, adjusting the benefit formula, increasing expenditure on social services for the elderly, adjusting benefits to reflect the cost of living index, creating employer-based private pension schemes, and exploring alternative ways of investing social security accumulated funds.