IMF man named Kenya’s next Central Bank governor

Politics and policy

The Central Bank of Kenya building in Nairobi. PHOTO | FILE 

By EDWIN MUTAI and BDAfrica.com REPORTER

In Summary

• President Kenyatta has nominated Dr Patrick Ngugi Njoroge as the successor to Prof Njuguna Ndungu at CBK.
• Mohammed Nyaoga is proposed for chairman with Dr Haron Sirima and Ms Sheila M’Mbijiwe as deputy governors.

President Uhuru Kenyatta has nominated Dr Patrick Njoroge as the successor to Prof Njuguna Ndung’u at the Central Bank, passing over deputy Governor Haron Sirima and three others.

The President also proposed lawyer Mohammed Nyaoga for chairman with Dr Sirima and banker Sheila M’Mbijiwe as nominees for deputy governor.

Njoroge, a Yale-educated advisor to the International Monetary Fund based in Washington, was among five candidates shortlisted by the Public Service Commission (PSC) in a competitive process that drew eight qualified applicants.

Others on the shortlist included Dr Sirima, Dr Geoffrey Mwau, Dr Edward Sambili and Dr Peninah Wanjira Kariuki.

Media reports in the run-up to the nomination quoted numerous sources naming Dr Sirima as the favourite and Dr Mwau and Dr Sambili as strong contenders, making Dr Njoroge the dark horse in the contest.

The shortlist for chairman had also included Dr Bernard Mbui Wagacha, Dr Benson Akong’o Ateng’ and Mr Nicholas Bartuiyot Korir.

The names of three of the nominees were forwarded to Parliament on Tuesday where the Speaker of the National Assembly referred them for vetting.

Mr Justin Muturi directed the Finance, Planning and Trade committee to vet Dr Njoroge, Mr Nyaoga and Ms M’Mbijiwe and table a report within 14 days.

He asked the committee, chaired by Ainamoi MP Benjamin Langat, to conduct public participation as provided for under Article 118 of the Constitution as well as section 6(4) of the Public Appointments (Parliamentary Approval) Act.

“Since the Central Bank of Kenya Act does not provide specific deadlines for consideration of the nominations, it follows that section 8(1) of the Public Appointments (Parliamentary Approval) Act, 2011 comes into effect,” he said.

“Pursuant to provisions of Standing Order 42(3) (c), I now refer the communication from the President containing the names of the nominees, together with the relevant curriculum vitae, the report of the selection panel and the score sheets, to the departmental committee on Finance, Planning and Trade to conduct the approval hearings and table a report on or before June 16, 2015,” he said.

Njoroge advises a deputy managing director at the IMF and worked in Kenya's Finance and Planning ministries before heading to Washington.

He has been named to lead the bank at a time when the shilling has come under heavy pressure because of the global strength of the dollar, falling foreign exchange revenues and a widening current account deficit.

He takes over from Prof Njuguna Ndung’u whose term expired two months ago.