Kenya is set to join several African nations in restricting raw mineral exports in favor of local processing. According to the Principal Secretary for Mining, Elijah Mwangi, the East African country is constructing gold and granite plants, which will be completed by mid-2025. This move will allow Kenya to refine and export processed gold, gemstones, and granite, boosting value addition. Kenya’s decision aligns with policies from around 10 other African countries, which aim to retain more economic benefits from their vast mineral wealth. According to a McKinsey report, the continent could generate an additional $200 million to $2 billion annually by 2030 through local mineral processing, creating up to 3.8 million jobs. Nevertheless, experts caution that these restrictions could face challenges, as some countries have abandoned similar policies due to infrastructure deficits and limited immediate benefits.
SOURCE: BUSINESS INSIDER
