Western North Council of State Rep Detained by GoldBod Over Alleged Gold Transaction Breaches

• The Ghana Gold Board has reportedly detained Council of State representative Dr Maxwell Nana Yaw Boakye over alleged gold transaction breaches
• The Herald reports that the popular gold aggregator is suspected of under-declaring gold quantities relative to funds received and allegedly diverting shipments
• The alleged detention comes days after GoldBod announced a compliance assessment of six gold trading firms under the Ghana Gold Board Act, 2025 (Act 1140)

The Ghana Gold Board (GoldBod) has reportedly detained the Western Regional representative of the Council of State, Dr Maxwell Nana Yaw Boakye, a popular gold aggregator.

According to a publication by The Herald, sighted on GhanaWeb, Dr Boakye was held on the orders of the GoldBod CEO, Sammy Gyamfi, over alleged breaches related to gold transactions.

Also, the CEO of Max Palasco Group of Companies, Dr Boakye, was reported to have advanced a huge amount of cash for gold aggregation, but he allegedly under-declared the quantity of gold supplied relative to the funds received.

Read also

Nkenkaasu SHS suspends housemaster over misconduct allegations involving female students

The Herald further alleged that the Council of State representative was summoned to the Ghana Gold Board’s offices amid suspicions that he had diverted and shipped the gold out of the country in clear breach of laid-down regulatory procedures.

“The Herald has further gathered that 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,” The Herald reported.

GoldBod issues public notice to gold dealers

The alleged detention of Dr Boakye follows the February 10, 2026, public notice issued by GoldBod, announcing that six companies, including Max-Palasco Limited, were undergoing assessment for “operational compliance” in line with Section 43 of the Ghana Gold Board Act, 2025 (Act 1140).

Below are some of the companies named in the GoldBod public notice:

• S-Seven Hills Enterprise
• Passion Gold Limited
• IBF Mineral Resources Limited
• Maabisco Multipurpose Enterprise
• Gastonesin Enterprise

Following this, the owners and directors of the above-named companies were directed to meet with GoldBod’s Compliance Directorate on Thursday, February 12, 2026, at 10 a.m. They were also advised to assist with the exercise.

According to GoldBod’s Compliance Director, the order is a “routine exercise to ensure financial and operational compliance with applicable enactments by Gold Service Providers”.

Read also

“We are really suffering, they pay us GH₵700”: NDC communicator cries over poor salaries

GoldBod has, however, reiterated its commitment to enforcing the laws and regulations governing gold trading in Ghana to ensure accountability and transparency in the sector.

“The GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency,” the statement in the February 10, 2026, public notice said.

Gyamfi claims GoldBod made GH₵960m in 2025

Meanwhile, YEN.com.gh previously reported that the Ghana Gold Board ended 2025 with a significant surplus, dismissing $214 million loss claims as false.

Speaking to Accra-based JoyNews, Sammy Gyamfi explained that GoldBod is not a profit-making institution; however, they recorded no loss in 2025. He said that reports that the public institution made a US$214 million loss were false and misleading.

The GoldBod CEO further explained that the institution generated over GH₵960 million in revenue in 2025. Meanwhile, its total expenditure for the same period remained below GH₵120 million, based on unaudited figures.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh