By Grace Zigah
In a development that underscores the GoldBod’s renewed resolve to sanitize the country’s gold trading sector, officials of the Board on Tuesday detained the Western Regional representative on the Council of State, Maxwell Nana Yaw Boakye, over alleged breaches in gold aggregation transactions.
Boakye, 33, is not only a member of the Council of State but also the Chief Executive Officer of the Max Palasco Group, a company with significant interests in the gold trade.
According to multiple sources familiar with the incident, he was held at the offices of GOLDBOD in Accra following orders from the Chief Executive Officer, Sammy Gyamfi, after discrepancies were detected in gold aggregation transactions linked to his operations.
The detention is reportedly connected to a transaction in which Boakye was advanced a substantial amount of money for gold aggregation but allegedly supplied quantities of gold that did not correspond with the funds received.
Although the precise amount involved has not been officially disclosed, sources say the figure runs into a significant sum, raising serious regulatory and financial compliance concerns.
Further information available indicates that investigators suspect that part of the gold involved may have been diverted and possibly transported out of the country in violation of established export and regulatory procedures governing the gold trade.
These suspicions formed the basis for his confinement at the GOLDBOD offices while preliminary inquiries were conducted.
The incident triggered intense behind-the-scenes lobbying, with reports indicating that several high-profile individuals, including some members of the Council of State, spent hours engaging GOLDBOD leadership in efforts to secure Boakye’s release.
As of the time of reporting, however, it remained unclear whether he had been formally charged, granted bail, or released.
This development did not occur in isolation. It follows a public notice issued by GOLDBOD on 10 February 2026, announcing that six gold service companies were undergoing assessment for “operational compliance” under Section 43 of the Ghana Gold Board Act, 2025 (Act 1140).
Among the companies listed was Max-Palasco Limited, alongside S-Seven Hills Enterprise, Passion Gold Limited, IBF Mineral Resource Limited, Maabisco Multipurpose Enterprise, and Gastonesin Enterprise.
Directors and owners of the affected companies were directed to appear before GOLDBOD’s Compliance Directorate on 12 February 2026 and were cautioned against failing to cooperate with the exercise.
At the time, the Compliance Directorate described the process as a routine regulatory review aimed at ensuring both financial and operational compliance by licensed gold service providers.
In its official communication, GOLDBOD reiterated its commitment to enforcing the laws governing the gold trading sector, emphasizing accountability, transparency, and strict adherence to regulatory standards as core pillars of its mandate.
