The Herald, has obtained additional details regarding last Wednesday’s dramatic standoff at the Ghana Gold Board (GOLDBOD), which culminated in the detention of the Western Regional representative on the Council of State, Dr Maxwell Nana Yaw Boakye, a well-known gold aggregator.
Dr Boakye, 33, who is also the Chief Executive Officer of the Max Palasco Group of Companies, was on Wednesday held captive at the orders of GOLDBOD’s Chief Executive Officer, Samuel Gyamfi, over gold-related transactions that went awry following the uncovering of irregularities in an audit.
This scrutiny comes against the backdrop of the recent disclosure that GOLDBOD recorded losses of approximately US$214 million, according to the International Monetary Fund (IMF).
Reports indicate that Max Palasco 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. However, sources familiar with the transaction have told The Herald that the sum runs into millions of Ghana Cedi.
The Herald’s information is not the first time GOLDBOD has had issues with Dr Boakye. In the past, he is said to have had a similar bout with the Board, with reports suggesting that National Security had to intervene because of his status as a member of the revered Council of State.
It is further alleged that monies were released to his companies by Bawa-Rock Limited on the orders of GOLDBOD for the purchase and supply of gold. However, he allegedly under-declared the gold supplied, while other accounts suggest that some of the gold was smuggled out of Ghana.
In the latest incident, sources say Mr Gyamfi felt disrespected after Dr Boakye allegedly acted rudely towards him when summoned to the Board’s office as part of an ongoing audit of gold aggregators. Reports indicate that he initially failed to honour the invitation.
His detention was facilitated by the tight security presence at the GOLDBOD offices, which included military personnel and police officers, thereby restricting movement within the premises.
Additional information available to The Herald suggests that Dr Boakye was introduced into the aggregation business by a figure known as Dr “Sledge” while at Mineral Income Investment Fund (MIIF). He moved on to work with the Precious Minerals Marketing Company (PMMC), and got on board to earn income as a gold aggregator under GOLDBOD’s framework.
He was, however, blacklisted at one point for under-declaration and the smuggling of gold out of the country, which led GOLDBOD to refuse to release funds to him as an aggregator. Following months of appeals and interventions, Mr Gyamfi was said to have reversed the decision. However, sources allege that Dr Boakye’s pattern of under-supply and smuggling persisted.
The Herald understands that Dr Boakye, also known as Nana Yaw Palasco Boakye, was confined to the Board’s offices on Wednesday amid reports that he had diverted gold and shipped it out of the country in breach of established regulatory procedures.
The Herald gathered that several prominent individuals, including members of the Council of State, journalists, radio presenters, and influence peddlers, spent 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 announcing that six companies, including Dr Boakye’s 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 process as “a routine exercise to ensure financial and operational compliance with applicable enactments by Gold Service Providers”.
In its statement, GOLDBOD reiterated that it “remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency”.
Meanwhile, there are growing calls for an audit of Bawa-Rock Limited’s operations, particularly regarding monies released to aggregation companies, to determine the scale of its financial haemorrhage.
Mr Gyamfi is said to have become more vigilant following the IMF’s assessment, which was discussed in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme, and is reportedly working to close loopholes within the aggregation scheme.
At a press briefing on Thursday, 15 January 2026, the IMF Director of Communications, Julie Kozack, said the Fund had addressed the matter in detail.
She explained that although the programme contributed to building international reserves and easing pressure on the foreign exchange market during a difficult period, it also resulted in what she described as a quasi-fiscal loss of about US$214 million.
“The report also quantified what we call a quasi-fiscal loss quasi-fiscal meaning because it’s not on the fiscal balance sheet, but ultimately it is a fiscal loss. And that loss was $214 million that the team quantified,” she said.
She added that the losses stemmed from trading activities, fees, and exchange rate movements, and recommended strengthening transparency, governance, and risk management, particularly for operations linked to GOLDBOD under the domestic gold purchase programme.
The IMF also recommended that such losses be reflected on the government’s fiscal balance sheet rather than remaining on the Bank of Ghana’s books, noting that this is important to ensure the central bank remains financially sound.
As of the time of filing this report, it remains unclear whether Dr Boakye has been formally charged.
