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A psychological explanation to the Menzgold saga (Part 1)

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You would be wondering what really attracted people to invest in MENZGOLD and may end up concluding that, those who are trapped in the said saga may have acted on GREED, hence there is no need for people to empathize with them. However before we conclude on any behavior, it would be more prudent we understand the Psychological underpinnings. 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.
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.
In addition, He said, the potential benefit(s) to be derived from an act in relation to the associated losses/ punishment (generic) among others, will also guide our decisions.
From Dr. Wiafe-Akenten, we are all supposed to be rational but being rational is both subjective and objective so the former may lead to a decision others may consider as poor judgment.
Besides the above, don’t 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?
He 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.
As for the word greed l ‘don’t understand’ it so l will attempt to add it.  Kindly look for the meaning and decide whether it fits in.
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.
The previous ones :(Piram, DKM 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 an investment or otherwise.
Another critical area is the lack of information and our unwillingness to consult professionals for advice before we tread in unknown/unfamiliar terrain.
Its unfortunate a lot of people have lost their money. No matter how you look at it, don’t add insult to injury.
 Source:Dr Wiafe-Akenten, Social Psychologist, UG.

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