The Kenya Chamber of Mines estimates that reforms will boost the mining sector’s contribution to GDP to 10% by 2030. The Kenya Chamber of Mines (KCM) is a mining industry association that represents the interests of Kenyan miners, exploration companies, mineral dealers, mineral processors, suppliers, and professionals. According to the mining advocacy lobby group, despite its latent potential, the mining industry has contributed only 0.7 percent of Kenya’s GDP over the last decade. Agriculture has emerged as a major contributor over the years, accounting for around 21.2 percent of the country’s overall GDP, whereas industry contributed approximately 17.66 percent and the services sector contributed approximately 55.06 percent, according to the Economic Survey 2023. The efficient and timely issue of prospecting and mining licences and permits would attract both direct domestic and foreign investors, revolutionising the industry. As an industry, we are certain that we are capable of raising our sector’s contribution to Kenya’s GDP to 10%, or more than USD 10 billion (Sh1.6 trillion), well before 2030.
According to Kanyoro, climate change has aggressively smashed Kenya’s core sectors of agriculture and tourism, adversely affecting export earning capability, cost and living standards, inflationary tendencies, and acute foreign currency constraints. We are the industry in Kenya that promises to create jobs and income at a cost that is affordable to the government. Apart from the apparent benefit of contributing to Kenya’s industrialization, mining as an economic activity has the potential to provide well over two (2) million jobs. According to President William Ruto, Kenya has attracted Sh157.4 billion ($1 billion) in investments as an outcome of mining sector reforms that have positioned the country as a vital engine of economic growth.
According to President William Ruto, Kenya has attracted Sh157.4 billion ($1 billion) in investments as an outcome of mining sector reforms that have positioned the country as a vital engine of economic growth. Mineral royalties will likely increase substantially as a result of the lifting of a moratorium that had prevented mining activities, he said. Kenya’s mining guidelines were updated in 2016 with the adoption of the Mining Act, which was viewed as an innovative statute that was expected to revolutionise and increase the mining industry.