Kenya Debates Sovereign Wealth Fund for Oil and Mineral Revenue

Kenya’s National Assembly is debating the creation of a Sovereign Wealth Fund (SWF). The fund would gather and invest a portion of the government’s earnings from oil and mineral resources. Its purpose is to safeguard these finite assets for future generations. Members of Parliament are advocating for stronger oversight of the proposed SWF. They want stricter controls to ensure transparency and accountability in its management.

The Finance and Planning Committee has suggested that any withdrawals from the fund must receive approval from both the Controller of Budget (COB) and Parliament. The committee also recommends granting the COB final authority over such withdrawals. The proposed SWF aims to secure long-term benefits from Kenya’s natural resources. Withdrawals would need formal approval under the new recommendations. The measures are designed to prevent misuse and ensure responsible management.