Ghana has overtaken South Africa as the leading producer of gold in Africa.
According to a Bloomberg report, the success chalked by Ghana is because of friendlier policies, lower-cost mines and new development projects.
The report indicated that South Africa’s dwindling gold production is due to high costs, regular strikes and geological challenges of tapping the world’s deepest mines.
It also stated that South African industry stalwarts AngloGold Ashanti Ltd. and Gold Fields Ltd. are also shifting their focus to other countries, including Ghana, where deposits are cheaper and easier to mine; adding that the largest remaining gold miner in South Africa, Sibanye Gold Ltd., is cutting thousands of jobs and diversifying into platinum-group metals as it struggles to contain costs.
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