A psychological explanation to the MenzGold saga

You would be wondering what really attracted people to invest in MENZGOLD and may end up concluding that, those who as at now are trapped in the said saga may have acted on GREED, hence there is no need for people to empathize with them.

However, scientifically before we conclude on any behavior, it would be more prudent we understand the Psychological underpinnings to avoid misjudgment. Dr. Wiafe-Akenten, a social Psychologist (University of Ghana), below presents a psychological analysis of the said saga, this is to help you appreciate the whole saga from the social Psychology perspective.

According to Dr. Wiafe- Akenten, every human being is hedonistic to some extent hence anything that brings pleasure is likely to attract us. As you know, however, our personal values, adherence to laws, evaluation/perception of whether or not we can get away with ‘murder’ are also critical in decision-making.

Also, He stated that, the potential benefit(s) to be derived from an act in relation to the associated losses/ punishment (generic) among others, mostly guide our decisions. He further explained that, we are all supposed to be rational in decision making but being rational is both subjective and objective so the former may lead to a decision others may consider as poor judgement. He emphasized on the fact that, beside the above, we should not forget about almighty ‘emotions’ when it dominates our decisions the consequences can be disastrous but how often are we able to hold it in check?

Dr. Wiafe-Akenten added the ‘abinwɔha’ tendencies which He explained it to be very rife in the country especially among the youth, Dr. did mention the pressure from others who had benefited, etc. as one of the key drivers which fueled people’s decision to invest their money with Menzgold.

He said, almost every human wishes to be comfortable in life. Money to a greater extent can enhance that, hence where ever there is money, most people will find a way there. It may not be because of greed however for comfortability sake. He insightfully added, “…As for the word greed l ‘don’t understand’ it so l will not attempt to add it kindly look for the meaning and decide whether it fits in…”

Dr. Wiafe- Akenten admonished that, the previous ones: (Piram,etc.,) and the current one should be lessons to all of us to be very circumspect on how and where to look for money – whether as investment or otherwise and on decision making, He said another critical area is the lack of information and our unwillingness to consult professionals for advice before we tread in unknown/unfamiliar terrain.

He concluded that, Its unfortunate a lot of people are at the verge losing their money. However, no matter how you look at it, don’t add insult to injury.

By: Dr Wiafe-Akenten (Social psychologist, University of Ghana)

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