PSC kicks off search for new CBK governor, deputy

cbk Governor Patrick Njoroge

Outgoing Central Bank of Kenya Governor Patrick Njoroge.

Photo credit: File | Nation Media Group

The race to succeed Central Bank of Kenya (CBK) Governor Patrick Njoroge is underway after the Public Service Commission (PSC) kicked off the recruitment of his successor.

The PSC is also seeking to recruit a new deputy governor of the CBK to replace Sheila M'Mbijjewe.

The race to fill the influential positions comes just two months ahead of Dr Njoroge and Ms M'Mbijjewe’s exits from their respective offices with their eight-year terms set to end in June.

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

Ms M’Mbijjewe has been serving as the lone deputy governor since June 2015.

This is after the CBK board failed to renew the term of Haron Sirima after his four-year term ended.

The Central Bank of Kenya Act requires the CBK to have two deputy governors who serve for a term of four years, renewable once.

Ms M’Mbijjewe’s successor will serve alongside Susan Koech who was this month appointed by President William Ruto as the deputy governor of the CBK. 

Dr Njoroge was appointed governor on June 26, 2015, and served for a four-year term before being handed another term by former President Uhuru Kenyatta in June 2019. 

The outgoing CBK governor, a former International Monetary Fund adviser, assumed the governor’s office amid a currency slump and inflation risks.

Dr Njoroge will exit office in similar circumstances where inflation has hit a five-year high, Kenya’s currency continues a record-breaking slump against the US dollar each day, while a biting shortage of dollars is crippling operations of importers and large spenders of foreign currency.

“For appointment to the position of Governor, Central Bank of Kenya, a person should have over ten (10) years' experience at senior management level in the field of economics, banking, finance, law or other fields relevant to the functions of the Central Bank,” said PSC.

The CBK governor post is one of the dozens of plum jobs that are up for grabs at top parastatals as the Kenya Kwanza government races to fill vacancies at the helm of strategic State corporations in key sectors of the economy that will be pivotal to the realization of President William Ruto’s economic agenda.

Other parastatals that are seeking substantive CEOs include Kenya Power, the National Social Security Fund (NSSF), Kenya Pipeline Company (KPC), and KenGen.


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