Reports suggest the Western North Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye, a well-known “gold aggregator”, has been detained on the orders of GOLDBOD’s Chief Executive Officer, Sammy Gyamfi.
According to reports, Dr Maxwell Nana Yaw Boakye, who also serves as the Chief Executive Officer of the Max Palasco Group of Companies, has been held over gold-related transactions.
In a post shared by the Chronicles on X, it stated, “The Herald has reported 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 detained on the orders of GOLDBOD’s Chief Executive Officer, Sammy Gyamfi, over gold-related transactions that allegedly went awry.
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 post further added, “The exact sum involved remains unclear. However, sources familiar with the transaction have indicated 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.
Several prominent individuals, including members of the Council of State, are spending a considerable part of the day appealing to Mr Gyamfi to secure Dr Boakye’s release.
The development comes just days after GOLDBOD, on 10 February 2026, issued a public notice stating 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)”.
Additionally, the Chronicles post stated, “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”.
Meanwhile, reports are yet to determine whether the Western North Regional representative on the Council of State has been formally charged or released.
In related news, the Ghana Gold Board (GoldBod) has signed a gold refining agreement with Gold Coast Refinery.
The landmark partnership was signed on Tuesday, January 20, 2026.
The GoldBod and Gold Coast Refinery partnership mark a major milestone in Ghana’s step to add value addition within Ghana’s gold sector.
The partnership will reduce Ghana’s reliance on exporting raw gold, which has led to revenue losses.
Under the GoldBod partnership with Gold Coast Refinery, gold sourced from both artisanal and large-scale mining operations will be refined locally.
Speaking at the signing ceremony, Sammy Gyamfi, the GoldBod Chief Executive Officer, stated, “This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources”.
He further highlighted, “The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy.”
“What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy”, he added.
See the post below:
BREAKING: GOLDBOD detains Western Region Council of State representative over gold transaction breaches pic.twitter.com/AM6JHvFZ5R
— Ghana Chronicles (@_GhChronicles) February 26, 2026