In According to the Frasier Institute’s Annual Global Survey of Mining Executives, Kenya has scored very badly as a destination for mining investment. Whilst Canada bagged the top spot as the most attractive country to invest in the mining sector, Kenya limped in as the second worst place in the world. The report states : “When considering both policy and mineral potential in the Investment Attractiveness Index, Guatemala ranks as the least attractive jurisdiction in the world for investment. This year, Guatemala replaced the Argentinian province of Jujuy as the least attractive jurisdiction in the world. Also in the bottom 10 (beginning with the worst) are Kenya, Mendoza, Chubut, Mozambique, Bolivia, Venezuela, Romania, China, and Nicaragua.”
This will be a source of great concern for Kenya’s new Cabinet Secretary for Petroleum and Mining, Mr Munyes who’s stated objective is to increase exports originating from the sector and attract more investment in accordance with targets in the Vision 2030 agenda. Similarly, it is not a good legacy for the outgoing CS, Mr Kazungu.
The Kenya Chamber of Mines will be looking to engage closely with the new team at the ministry to help make this a reality.