A tense situation is reported to have unfolded at the Ghana Gold Board (GOLDBOD), resulting in the alleged detention of the Western Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye, who is widely known as a gold aggregator.
Dr Boakye, 33, is also the Chief Executive Officer of the Max Palasco Group of Companies. Sources indicate that he was held on the instructions of GOLDBOD’s Chief Executive Officer, Sammy Gyamfi, in connection with gold transactions said to have encountered discrepancies.
According to information available to The Herald, Dr Boakye was advanced a substantial sum of money for gold aggregation. However, it is alleged that the quantity of gold supplied did not correspond with the funds disbursed. While the precise amount involved has not been disclosed, sources describe it as significant.
Further reports suggest that Dr Boakye, also known as Nana Yaw Palasco Boakye, was confined to GOLDBOD’s offices amid suspicions that some of the gold may have been diverted and exported outside approved regulatory procedures.
The development is said to have drawn the attention of several high-profile individuals, including members of the Council of State, who have reportedly been engaging the GOLDBOD leadership in efforts to secure his release.
The incident comes shortly after GOLDBOD, on 10 February 2026, issued a public notice announcing that six companies, including Max-Palasco Limited, were undergoing assessment for operational compliance under Section 43 of the Ghana Gold Board Act, 2025 (Act 1140).
The other companies named in the notice were S-Seven Hills Enterprise, Passion Gold Limited, IBF Mineral Resource Limited, Maabisco Multipurpose Enterprise and Gastonesin Enterprise. Their directors and owners were directed to appear before GOLDBOD’s Compliance Directorate on Thursday, 12 February 2026, at 10 a.m., and were urged to cooperate fully with the exercise.
The Compliance Directorate described the process as a routine measure aimed at ensuring financial and operational adherence to applicable laws by gold service providers.
In its statement, the Ghana Gold Board reaffirmed its commitment to enforcing regulations governing the gold trading sector, emphasising accountability and transparency.
As of the time of filing this report, it remains unclear whether Dr Boakye has been formally charged or released.
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