The newly enacted Sovereign Wealth Fund is expected to transform how Kenya manages revenues from its natural resources by ensuring the proceeds benefit both current and future generations.
Internal Security Principal Secretary Raymond Omollo said the fund will provide a transparent framework for investing and safeguarding income generated from minerals, oil, gas and other strategic resources, ending years of resource exploitation without a long-term savings mechanism.
Speaking during a women’s empowerment forum in Gem, Siaya County, Dr Omollo welcomed President William Ruto’s assent to the Sovereign Wealth Fund Act, describing it as a landmark step towards responsible management of the country’s natural wealth.
“For many years, Kenya has exploited natural resources without a comprehensive mechanism to account for and preserve the proceeds for future generations. The President has now made this a reality,” he said.
The Principal Secretary noted that the fund will invest a portion of revenues generated from natural resources, ensuring the wealth supports economic growth while protecting the interests of future generations.
He said the law is also expected to improve transparency in resource management, strengthen investor confidence and attract more private sector investment into the country’s mining and extractive industries.
According to Dr Omollo, counties with significant mineral deposits stand to benefit from more responsible and sustainable exploitation of natural resources, with revenues directed towards improving livelihoods, creating jobs and expanding public services.
“As we attract private capital, we must ensure that the revenues directly transform the lives of our local communities,” he said.
The government believes the Sovereign Wealth Fund will help Kenya convert its natural resource wealth into long-term national prosperity by ensuring investments generate lasting economic benefits while protecting the country’s financial future.
The Act establishes a legal framework for saving, investing and managing strategic national revenues, positioning Kenya alongside other resource-rich nations that use sovereign wealth funds to cushion their economies, finance development and preserve wealth for future generations.
