Auditor-General Nancy Gathungu has questioned delays in the recruitment of a second Deputy Governor of the Central Bank of Kenya(CBK).
The CBK had for years operated in breach of the law requiring the regulator to have two deputy governors until the appointment of Susan Koech on March 10, 2023.
The compliance with the law was, however, short-lived after Sheila M'Mbijjewe retired from her position on June 17, 2023.
“As at the time of audit in September 2023, the Bank continued operating with one Deputy Governor,” the Auditor-General pointed out.
The country also briefly had two deputy governors in 2015 when Ms M’Mbijjewe served together with Haron Sirima, who quit the CBK in October 2015.
The CBK Act, states that “There shall be two deputy governors who shall be appointed by the President through a transparent and competitive process and with the approval of Parliament.”
In a report on the CBK for the financial year ending June 2023, Ms Gathungu raised concern that “There was no amendment to the Central Bank of Kenya Act to provide for a reduction in the number of Deputy Governors.”
