SSNIT’s contribution is a ponzi scheme handsomely profited by politicians, top SSNIT officials — Dr. Eric Bempong

Dr. Eric Bempong, a lecturer at KAAF University has sparked controversy by labelling the Social Security and National Insurance Trust (SSNIT) contributions a Ponzi scheme.

His bold statement follows the contentious sale of SSNIT stakes in four hotels in Accra, which sparked outage among many Ghanaians.

Speaking on Oyerepa Breakfast Time, Dr. Bempong argued that the real contributors to SSNIT are not reaping significant benefits from their investments.

He claims politicians and top SSNIT officials are the ones profiting handsomely from the system.

He emphasised that the current investment structure is unsustainable. He indicated that if all contributors should stop working, the system would collapse, leaving many with nothing to show for their contributions.

“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.

Listen to him in the video below;