Dr. Eric Bempong, a lecturer at KAAF University, has sparked controversy by labelling Social Security and National Insurance Trust (SSNIT) contributions a Ponzi scheme.
His bold statement comes in response to the sale of four SSNIT hotels in Accra, which has raised eyebrows among many Ghanaians.
Speaking on Oyerepa Breakfast Time, on Monday, Dr. Bempong argued that the real contributors to SSNIT are not reaping significant benefits from their contributions. Instead, politicians and top SSNIT officials are profiting handsomely.
He emphasized that the current investment strategy is unsustainable, warning that if all contributors were to stop working simultaneously, the system would collapse, leaving only a few with anything to show for it.
“To sound controversial, I’ll say SSNIT’s contribution is a Ponzi scheme. Because, the way we invest contributions, in the long run, if something happens that all contributors must stop work, a lot would only attain something. What we’re contributing today is what’s being used to pay those going on retirement tomorrow. So if we don’t invest well, it becomes a Ponzi scheme.” He stated.
Source: Oyerepafmonline.com / Joseph Marfo
