ARTICLE: The MenzGold Scam Scandal-Lack Of Common Sense And Greed Betrayed Ghanaian Investors

Scammers and con-men flourish on the African soil, especially in politics, religion and business, because we barely analyze what we are told.

Its been months since the saga dropped without warning and presently, investors of Ghana’s self-acclaimed gold hub, , are wailing. It doesn’t appear to be that,their mounted up investments with the gold-trading company are going to be paid either sooner or never at all.

Though some have lost their lives as a result of the shock and some are still in a state of shock and some still have wet eyes in public without bothering, what it looks like now’s that their aforementioned investments were what the company’s CEO, popularly known as NAM1, accustomed maintain his flashy style.


Majority of the Ghanaian populace have heard of this unfortunate incident and countless discussions have been done. In all these, one thing I have noticed is the typical Ghanaian unique character that has been uncovered and I humbly wish to share my thought with my global readers. The saga has unearthed how the majority Ghanaians think and why we do what we do the way we do it.

Analyse a typical Ghanaian and you’d find some, if not all, of these characteristics. 

Unfortunately, that’s what has brought this nation to its current ‘pathetic’ state. Our character drives this nation— consciously or unconsciously. this is often what we’ve perpetually been. Till we modify, no modification in  can ever bring enough change to us. The higher we all know ourselves the better probabilities we’ve to be divine because the tabibilion says that.

“We Are Easily Taken In !”

It’s shocking how we fall for anything— both the learned and unlearned. How the investors, especially elites, fell for a 10% monthly dividend despite fluctuating world prices of gold beats my imagination. Maybe, Menzgold’s gold was being traded somewhere outside this planet call earth but if it wasn’t, it was simple to know that the business wasn’t not only sustainable but also a big time scam right from day one

This is that true reflection of who we really are. We have a tendency to simply believe something with all our heart and soul. We have a tendency to simply fall for everything on the news or on the market. We have a tendency to simply believe everything our flesh presents and promises. 

Unfortunately, any person who easily falls for anything is held responsible for his or her own ‘foolishness’. Any person who easily falls for anything is vulnerable and he or she pays dearly for every deception he or she falls for because of the vulnerability. We fail to research. We fail to find the truth for ourselves. We are lazy when it comes to taking our time to find the truth or investigating a notion or offer

Scammers and con-men flourish on the African soil, especially in politics , religion and business, because we barely analyze what we are told. It is our normal way of life to just want to type “Amen” at the end of every offer and receive a bulk cash at once. We vote for others all because they promise us some juicy lifestyle. wise up, if something is too good to be true, it’s too deceptively false to be true!

We are greedy and we also lack ‘common sense.

During any venture we decide to get ourselves involve, we have the tendency to avoid all the danger lines and only look forward to gaining ‘mouthwateringly’ despite some ‘few’ warning that might come from one or two people. We also have that tendency that seals our lips from telling the truth about something or someone who is trying to ‘steal’ hard-earned monies from innocent people through questionable offers.

We have that tendency to keep all the ‘realizations’ to ourselves until it is too late. The typical example of an interview I listen to on the radio with regard to this Menzgold saga. The head of gold dealers in Ghana and whatever he is called, during his interview revealed that he had for long didn’t trust the ‘business formula’ the CEO of Menzgold was implementing hence he did caution the very few who approached him for advice concerning their intention to invest into Menzgold.

The big question is if he knew Menzgold was ‘fraudulent’ that much why didn’t he come to the public to raise the alarm or alert the right ‘powers that be’ to quickly investigate the company? why did he wait until when the harm has already been done before saying this ‘bullshit’ that he had known all these for a long time that the Menzgold offer was a bigtime scam ?.

You’re primitive when you dare question ‘sudden wealth’!”

A system which will stand the check of every level headed person’s time is one that contains a foundation that has stood the test of the very time. Each property business is one that has ‘adult’ over an amount of your time, not suddenly. property wealth is one that has been engineered over amountof your time, not suddenly.

Every unexpected success is questionable. Nightlong harvest is suspicious. However, once I publicly questioned a few people about NAM1’s supply of wealth, an outsized section of his beneficiaries descended on me, ‘insulting’ that either I was envious or had baseless hatred for him

In church, we have the tendency to solely be curious about people’s ‘big offerings’. In politics, we have a tendency not to give a damn concerning how campaigns are funded. All we would like is our share of the pillage. Very little have that tendency to care about why we are where we are today.

“We don’t give a damn about details!”

Before the scandal, anytime the exact details of Menzgold’s business formula were questioned, people brushed it away. All the customers or investors, especially, were interested in was the returns on their investment. F**k with whatever details!This is greed and lack of common sense.

We are a people who give very little attention to details and it affects us in all aspects of our daily lives. We grow up hating details with passion. There’s so much mediocrity in our beautiful country Ghana because we hate details. We sign contracts with no attention to details. We listen to our leaders with little or no care for details.

Our character lack details and common sense,a sign of greed that has cost us so much. We appoint leaders wrongly. Marriages which were supposed to be put asunder are put together. Little things, like details, make the biggest influences in life. Details can give away red flags. If someone had paid some attention to Menzgold’s details, their lifetime savings would have been safe today!

“We respect only the winners!”

When NAM1 was all over the place flaunting his wealth, he was the most respected. People were naming their children after him. Others were praying God made them as he was. We literally loved him and his money. When life suddenly took a U-turn, everyone denied ever knowing him— even his beneficiaries. A hero yesterday, a traitor today.

It points to one unique character of Ghanaians— our love and respect have an expiry date all because it is always based on weak perception. Asamoah Gyan was loved by all when his goals took us to the quarter-finals of the World Cup… until he lost that unforgettable penalty… and he became the most hated…and would have even been lynched if the opportunity was made available.

If you are a young man nor woman today doing good for yourself, don’t be deceived by the showers praises of men. The day you stumble will be the day all your greatness will be forgotten… and you’ll be crucified like Jesus of Nazareth!

“We kneel to money, not values!”

Within just 2 years, NAM1 was virtually walking through the corridors of power. He had the chance to enter all the high places in Ghana. Courtesy his wealth, he had managed to urge the eye of the movers and shakers of this beautiful country Ghana.

He was being chased with countless awards and titles. People twice his age were calling him daddy. It’s only in a country like ours that a lifetime award will be bestowed on someone who has been in the limelight for barely two years. Paper money can indeed buy and sell anything. For us, it buys our very conscience and sells our very value. 

We are a country that bow to cash, not value. We have the weakness to be blinded by cash. At the sight of it, a man’s name changes. At the sight of cash, our conscience takes a vacation. we tend to keep shut regarding the reality. The love of cash is that root of all evil and also the love we’ve got for those that have money is the root of all hypocrisy!

By Dela AHADJIE – 

News Editor – 

Confirm Radio

Mobile:+233245838678

Email:[email protected]

Author Profile

Emmanuel Dela AHADJIE
Emmanuel Dela AHADJIE
Excited Blogger. Emmanuel Dela AHADJIE is daringly a passionate blogger who seeks to inform his followers and readers with accurate updating news on the go. He is what he terms a 'sociology blogger'...who grabs the bull by its horn. He also doubles up as The Managing Editor of The Momus Newspaper & the CEO of Darling Foods Ghana Ltd. WhatsApp him @ :+233245838678