View full page at metalsmine.com

 

Smuggling Prompts Africa’s Biggest Gold Producer to Rethink Export Tax

From bnnbloomberg.ca

Ghana is reconsidering a tax that’s spurred an increase in gold smuggling from small mines, a trend that’s depriving the country of much-needed revenue. The continent’s biggest gold producer saw its output slump 14% in 2020 after coronavirus-related restrictions slowed operations and a tax on the exports of small-scale producers was introduced. The output of these miners, which extract a third of Ghana’s gold, is set to fall further this year, according to the state-owned gold and diamond marketer, Precious Minerals Marketing Co. “We are relooking at the 3% export tax and re-examining the effects on the sector and on ... (full story)

Story Stats

  • Posted:
  • Category: Fundamental Analysis