ADVOKS GLOBAL · KENYA
Sovereign Wealth Fund Act
23. Cash management
Edition: 2026-07-24 · In force
23. Cash management
(1)The Holding Account and the accounts of the respective components of the Fund shall be subject to the same requirements as are applicable to the bank accounts of national government entities under section 28(1) of the Public Finance Management Act (Cap. 412A).(2)The Board shall, for the purposes of investment and management of the Fund, open bank accounts with banks regulated by the Central Bank of Kenya under the Banking Act (Cap. 488) upon approval by the Cabinet Secretary.(3)The Board shall prepare an annual cash plan and forecast of the Holding Account and components of the Fund in accordance with section 29(2) of the Public Finance Management Act (Cap. 412A).(4)The Board shall submit the annual cash plan and forecast prepared under subsection (3) to the Cabinet Secretary for approval and after approval, the Board shall submit a copy thereof to the Central Bank of Kenya.(5)In applying to the Holding Account the framework for cash management established under section 29(1) of the Public Finance Management Act (Cap. 412A), the Board shall update, on a rolling basis, a cash plan and forecast of the Holding Account and components of the Fund.(6)The Board shall, whenever it updates a cash plan and forecast under subsection (3), and at least once in every month, submit the updated cash plan and forecast to the Cabinet Secretary for approval where there are proposed changes and upon approval, transmit a copy to the Central Bank of Kenya.