Search for new CBK governor begins as Dr Njoroge term ends


Central Bank of Kenya (CBK) Governor Patrick Njoroge on October 27, 2022. PHOTO | DIANA NGILA | NMG

The Public Service Commission (PSC) has opened the search for a new Central Bank of Kenya (CBK) governor as Patrick Njoroge’s term nears end.

Dr Njoroge, who has served for eight years, will leave office on June 17, 2023.

The PSC said in a notice, published on Thursday, it is also looking for a deputy governor of the CBK to replace Sheila M’Mbijjewe whose term is also ending.

Ms M’Mbijjewe’s successor will become the second deputy governor following the hiring of Susan Koech on March 10, 2023.

“Pursuant to the provisions of Article 231 of the Constitution of Kenya 2010 and Sections 13-15 of CBK Act, Chapter 491, the Public Service Commission hereby invites applications from suitably qualified persons for the positions of governor and deputy governor of the CBK,” said the PSC.

Kenyans interested in either of the positions have been asked to send their applications by April 19.

Dr Njoroge’s tenure has been a mixed bag including injecting stability in the banking sector following the back-to-back collapse of three banks—Chase, Imperial and Dubai Bank— at the beginning of his first term.

He also helped banks wade through Covid-19 disruptions with loan restructuring but leaves at a time the Kenyan shilling has come under heightened pressure from the dollar.

The economy has endured months of dollar shortages for importers as the official rate climbed to highs of 132 units to the dollar, even as Dr Njoroge downplayed the crisis.

On Thursday, the governor avoided Press questions touching on self-evaluation of his tenure at the CBK.

“My tenure is still going on. Maybe these questions apply but after my tenure has ended,” Dr Njoroge said during the post-Monetary Policy Committee meeting brief.

Dr Njoroge’s successor will be the tenth governor at the CBK which was established by an Act of Parliament of March 24, 1966, and started operations on September 14, 1966.

Past CBK governors include Leon Baranski, Duncan Ndegwa, Philip Ndegwa, Eric Kotut, Micah Cheserem, Nahashon Nyagah, Andrew Mullei and Njuguna Ndungu.

The commission noted that the successful candidates will be appointed for a term of four years, renewable once, subject to performance.

The position requires candidates to be Kenyan citizens and recognised professionals with Bachelor's and Master's degrees in fields such as economics, banking, finance or law.

The candidates are also required to have more than 10 years of senior management experience in economics, banking, finance or other relevant fields.

The PSC said the candidate will have knowledge of monetary, financial, and economic matters, as well as a deep understanding of global trends.

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