Opinion and Analysis
Titanium sample. Kenya was ranked 120 out of 122 in mining investment
attractiveness managing to beat only Hungary, Malaysia. PHOTO | FILE
By BUSINESS DAILY
The management of natural resources is key to the
economic growth of any country. That Kenya has been making moves to
improve on this is a welcome development.
Kenya has recently discovered oil that is in commercial
quantities and the country should endeavour to exploit the commodity in a
manner that is sustainable. At the end of the day such a resource is
supposed to push the economic growth of the country.
It is not just about oil. There have also been
other minerals – such as niobium and coal – discovered in various parts
of the country and which are also of commercial quantities.
It is now a well-known fact that some countries
have mismanaged their natural resources. The resources have in turn
become a curse for the country rather than the blessing they are
supposed to be.
This is the case for countries such as the Democratic Republic of Congo and South Sudan that face conflict.
Kenya is working with the International Monetary
Fund to ensure that laws are put in place to streamline the management
of the resources.
With only about three years away from oil
production, this laws should be published soon to allow for public
comment before they come into effect.
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