Kenya has been ranked the sixth preferred destination for mining investment in Africa and 46th globally, according to the Fraser Institute's annual 2023 survey. The ranking marks a remarkable step forward for the country, which now surpasses regional heavyweights such as South Africa, the Democratic Republic of Congo, Tanzania and Ghana.
At the top of the African ranking, Botswana, followed by Morocco, Zambia, Namibia and Côte d'Ivoire, remains a model of attractiveness. However, Kenya's leap up the rankings reflects a unique dynamic and growing stature in the mining sector.
The improvement in Kenya's ranking is largely attributed to the ambitious reforms undertaken by the Ministry of Mines. These initiatives are aimed at streamlining operations, increasing transparency and eradicating corruption, in particular by tackling the cartels that once plagued the sector.
The government has also introduced incentive policies to attract both local and international investors. These measures include:
– Simplification des procédures d’obtention de licences minières, réduisant les délais et la bureaucratie.
– Offres d’incitations fiscales et garanties pour encourager les investissements à long terme.
– Renforcement des cadres réglementaires, créant un environnement d’affaires stable et prévisible.
These reforms have transformed the mining sector into a strategic pillar of the Kenyan economy, attracting major projects and boosting investor confidence.
Outperforming countries that have traditionally dominated the mining sector, such as South Africa and DR Congo, underlines Kenya's strategic success. This performance is all the more remarkable in that it comes at a time when competition to attract foreign capital is fierce, particularly in Africa.
The survey by the Fraser Institute, a global reference in the evaluation of mining jurisdictions, takes into account key criteria such as mineral potential, public policies, regulatory stability and transparency. Kenya has made brilliant progress on these fronts, consolidating its place as one of the continent's most attractive destinations.
With this recognition, Kenya is well positioned to attract further investment and diversify its economy. The country has rich geological potential, with resources such as gold, titanium, rare earths and precious stones. New discoveries and a favourable investment climate should continue to make the country more attractive to players in the mining sector.
The Kenyan government has expressed its determination to continue in this vein. By modernising infrastructure, promoting mining exploration and strengthening public-private partnerships, Nairobi aims to become a regional leader in the extractive industry.
Kenya's ranking in the Fraser Institute survey is not only a symbolic victory, but also an indicator of the transformation underway in the mining sector. With bold reforms and a commitment to maintaining a business-friendly environment, Kenya is emerging as a key destination for mining investors in Africa and beyond.