Parliament seeks bigger say in control of Kenya's Sovereign Wealth Fund

The proposed Sovereign Wealth Fund  will collect and invest part of the government’s revenues from oil and mineral resources. [File, Standard]

MPs are pushing for stricter oversight of the proposed Kenya Sovereign Wealth Fund (SWF) to prevent unconstitutional withdrawals. The National Assembly committee on Finance and Planning has recommended that any withdrawals from the Fund should require approval from the Controller of Budget (COB) and Parliament to ensure proper oversight of government spending.

In its new report, the Committee proposed that the COB should have the final authority over withdrawals from the Fund. The proposed SWF will collect and invest part of the government’s revenues from oil and mineral resources, with the aim of preserving the benefits of these finite resources for future generations.