This paper examines the major features of the Ghanaiansocial security system. It discusses the Ghanaian scheme byexamining the extent of coverage, criteria for eligibility,and the method of administration and financing. The paperundertakes an assessment of the existing security schemeand highlights its major limitations and weaknesses. Itproposes measures for reforming the security system bysuggesting an extension in coverage, adjusting the benefitformula, increasing expenditure on social services for theelderly, adjusting benefits to reflect the cost of livingindex, creating employer-based private pension schemes, andexploring alternative ways of investing social securityaccumulated funds.