The results of a research conducted by Bloomberg news agency suggest that the West African country has benefited directly from foreign investment in the gold industry thanks to its competitive low costs.
Statistics from the Ghana Chamber of Mines and the Minerals Council of South Africa, helped shed light on the turnaround in the fortunes of both countries’ gold industry.
According to the Bloomberg research Ghana last years produced 4.8 million ounces of gold, more than South Africa which managed 4.2 million ounces.
This signified an increment of 12 percent in Ghana’s gold production last year compared to last year’s figure.
Ghana’s new status ends decades of South African dominance of the industry in Africa.
Repeated strikes by miners and increased costs of operations have left the industry in South Africa struggling.