Accra, Ghana – February 26, 2026 – A member of Ghana's Council of State was briefly detained by authorities at the Ghana Gold Board (GOLDBOD) on Thursday amid an investigation into a substantial gold transaction that allegedly went awry, according to sources familiar with the incident.
Dr. Maxwell Nana Yaw Boakye, a 33-year-old businessman who serves as the Western North Regional representative on the advisory Council of State, was reportedly held at GOLDBOD's offices on the orders of the board's Chief Executive Officer, Sammy Gyamfi. Dr. Boakye, who is also the CEO of the Max Palasco Group of Companies, is a known participant in the gold aggregation sector.
The detention stems from a transaction in which Dr. Boakye's company, Max-Palasco Limited, is said to have received a significant cash advance from GOLDBOD for the purpose of gold aggregation. Sources indicate that the company is suspected of under-declaring the quantity of gold it supplied in relation to the funds it had been advanced. While the exact financial figure involved has not been officially confirmed, sources described the amount as "substantial."
Adding to the seriousness of the allegations, investigators are reportedly examining whether some of the gold in question may have been diverted and shipped out of the country, potentially breaching established regulatory procedures for the gold trade.
The situation prompted intervention from several prominent figures. Multiple members of the Council of State, the body which advises the President on constitutional and other matters, were said to have spent a significant part of the day appealing to CEO Sammy Gyamfi for Dr. Boakye's release.
This development comes just over two weeks after GOLDBOD publicly announced it was conducting operational compliance assessments on six gold service providers. In a public notice dated February 10, 2026, the board named Max-Palasco Limited among the companies whose directors were required to meet with its Compliance Directorate. The exercise was framed by GOLDBOD's Compliance Directorate as a routine check to ensure financial and operational adherence to the laws governing the sector, specifically under the Ghana Gold Board Act, 2025 (Act 1140).
At the time of this report, it remains unclear whether Dr. Boakye has been formally charged with any offense or if he has been released following the appeals. GOLDBOD has reiterated its commitment to enforcing transparency and accountability within the gold trading industry.
