GoldBod detains Western Region Council of State rep over alleged gold transaction breaches
Dr Boakye, 33, who is also the Chief Executive Officer of the Max Palasco Group of Companies and described as a gold aggregator, was reportedly held on the orders of GoldBod Chief Executive Officer, Sammy Gyamfi.
The Herald has gathered that the Ghana Gold Board (GoldBod) has detained the Western North Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye, over alleged irregularities in gold transactions.
Dr Boakye, 33, who is also the Chief Executive Officer of the Max Palasco Group of Companies and described as a gold aggregator, was reportedly held on the orders of GoldBod Chief Executive Officer, Sammy Gyamfi.
Sources indicate that Dr Boakye was advanced a substantial amount of cash for gold aggregation but allegedly under-declared the quantity of gold supplied relative to the funds received. The exact amount involved remains unclear, although insiders say it runs into a significant figure.
According to information available to The Herald, Dr Boakye also known as Nana Yaw Palasco Boakye was confined to the board’s offices amid suspicions that he may have diverted gold and shipped it out of the country in breach of established regulatory procedures.
The paper has further learned that several prominent individuals, including members of the Council of State, have been engaging GoldBod officials in efforts to secure his release.
The development comes days after the Ghana Gold Board, on February 10, 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 meet with GoldBod’s Compliance Directorate on Thursday, February 12, 2026, at 10:00 a.m., and were cautioned not to “fail to assist with the exercise.”
The Compliance Directorate described the process as “a routine exercise to ensure financial and operational compliance with applicable enactments by Gold Service Providers.”
In its earlier statement, the Ghana Gold Board reiterated its commitment to enforcing laws governing 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.
