Nairobi, July 16 -- Last week's ceremony at State House had all the trappings of a historic moment. President William Ruto signed the Sovereign Wealth Fund Act, 2026 into law, flanked by the Deputy President, the Treasury Cabinet Secretary, the Speakers of both Houses and a parade of bank chief executives.

One of the ceremony's most striking moments was the presence of schoolchildren in uniform, brought on stage to symbolise the Act's promise that the new fund is intended to serve future generations.

Speaker after speaker invoked Norway's sovereign wealth fund. Kenya, they declared, had finally embraced the Norwegian model-the global gold standard for turning oil and mineral wealth into a permanent national endowment instead of allowing...