Kenya ranks sixth in preferred destination by mining investors in Africa
Kenya has been ranked as the sixth most preferred destination for mining investment in Africa and 46th globally by the Fraser Institute’s 2023 annual survey. Botswana leads the continent, followed by Morocco, Zambia, Namibia, and Ivory Coast.
This ranking is a significant achievement, especially given Kenya’s ability to outpace regional heavyweights like South Africa, DR Congo, Tanzania, and Ghana and also reflects its growing stature in the mining sector.
Key factors behind Kenya’s improved ranking include reforms in the mining sector which saw the Ministry of Mining introducing far-reaching reforms to streamline operations, improve transparency, and curb corruption, including weeding out cartels. Favorable policies have been established to attract both local and international investors.
Policy changes
The survey noted positive policy changes in Kenya’s mining sector, creating a conducive environment for investment. Reforms include simplifying procedures for mining licenses, offering incentives, and strengthening regulatory frameworks.
Kenya has enhanced its geological surveys and ground-truthing efforts to identify and showcase its mineral wealth effectively. New discoveries and the promotion of underexplored areas have added to its appeal.
The Ministry is pushing for universities to introduce Mining and Blue Economy courses to build a skilled workforce. This aligns with the country’s ambition to support geologists, marine experts, and mining professionals in advancing the sector. The focus on the Blue Economy could open new frontiers, especially in marine mining. Enhanced geological data and investment in modern mining technologies will further boost the sector. Building trust with investors by ensuring the consistency of policies and regulations remains critical.
