Western Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye
The Herald has learnt of a dramatic standoff at the Ghana Gold Board (GOLDBOD), which reportedly culminated in the detention of the Western Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye, a known “gold aggregator”.
Dr Boakye, 33, who is also the Chief Executive Officer of the Max Palasco Group of Companies, is said to have been held on the orders of GOLDBOD’s Chief Executive Officer, Sammy Gyamfi, over gold-related transactions that allegedly went crooked.
Reports suggest that he had been advanced a significant amount of cash for gold aggregation but allegedly under-declared the quantity of gold supplied relative to the funds received.
The exact sum involved remains unclear. However, sources familiar with the transaction have indicated to The Herald that the amount in question runs into a substantial figure.
According to information available to this paper, Dr Boakye, also known as Nana Yaw Palasco Boakye, was reportedly confined to the board’s offices amid suspicions that he may have diverted gold and shipped it out of the country in violation of established regulatory procedures.
The Herald has further gathered that several prominent individuals, including members of the Council of State, are spending a considerable part of the day appealing to Gyamfi to secure Dr Boakye’s release.
The development comes barely days after GOLDBOD, on 10 February 2026, issued a public notice announcing that six companies, including Max-Palasco Limited, were undergoing assessment for “operational compliance” pursuant to Section 43 of the Ghana Gold Board Act, 2025 (Act 1140).
The other companies named 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 meet with GOLDBOD’s Compliance Directorate on Thursday, 12 February 2026, at 10 a.m., and were cautioned not to “fail to assist with the exercise”.
The Compliance Directorate described the move as “a routine exercise to ensure financial and operational compliance with applicable enactments by Gold Service Providers”.
In its statement, the Ghana Gold Board reiterated that it “remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of 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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