May 16, (THEWILL) – Kenya’s President, William Ruto, has appointed Dr Kamau Thugge as the 10th Central Bank Governor of Kenya.
Dr Thugge’s appointment comes ahead of the imminent retirement of Dr Patrick Njoroge, the current Central Bank Governor who has occupied the position since June 19, 2015.
A statement signed by Chief of Staff and Head of the Public Service, Felix K. Koskei, seen by THEWILL said Dr Thugge’s appointment followed the recommendation of the Public Service Commission who screened six shortlisted candidates, including Thugge, for the position.
“The nomination follows a competitive recruitment process carried out by the Public Service Commission pursuant to the provisions of Section 13 of the Central Bank of Kenya Act, Chapter 491 of the Laws of Kenya”, the statement read.
According to the statement, Dr Thugge who has served in senior positions with fiscal, monetary and economic policy-making positions both locally and abroad, is currently serving the nation as a Senior Advisor and Head of Fiscal and Budget Policy within the Presidency.
He is also a member of the President’s Economic Council.
Dr Thugge holds a Doctoral Degree in Economics from the John Hopkins University in Maryland, USA.
He also has a long period of meritorious career at the International Monetary Fund from 1985 to 2010, where he served in the positions of Economist, Senior Economist and Deputy Division Head.
As a prominent member of the Kenyan public service he played a key role at the promulgation of the nation’s new constitution.
“At the promulgation of the new constitution, Dr Thugge was a key cog of the team that designed Kenya’s current fiscal decentralization system following the advent of the devolution.
“Thereafter, he was appointed as the principal secretary in the National Treasury in the Fourth Administration, a position in which he served from 2013 to 2018,” the statement added
President Ruto has forwarded Dr Thugge’s appointment to the National Assembly for confirmation in line with the country’s constitution.
Other shortlisted candidates screened for the position include, Haron Sirima, Edward Sambili, Ms. Nancy Onyango and Abdulla Mohamed. They were each screened for one hour between 9am and 3pm on Tuesday, May 9, 2023, according to a schedule seen by THEWILL.
It could be recalled that President Ruto in March 2023 appointed Susan Koech, a career banker who had also worked in top government posts, to be the second deputy governor of the central bank.
The post had been unoccupied for more than five years after Ruto’s predecessor failed to fill it when its previous occupant left. The bank has been led by Governor Patrick Njoroge and one deputy, Sheila M’mbijiwe.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
