The 8-year term of Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge comes to an end today, June 18, 2023.
Dr. Njoroge was appointed by ex-President Uhuru Kenyatta in June, 2015 to serve a for a four-year period with his tenure at the helm of CBK extended once, in June, 2020, as per the law established.
He will be succeeded by ex-Treasury PS Dr. Kamau Thugge who assumes office Monday.
Dr. Thugge was last Tuesday appointed by President William Ruto after his nomination was given the greenlight by parliament.
“In exercise of the powers conferred by section 13 (1) of the Central Bank of Kenya Act, I, William Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces appoint Dr. Kamau Thugge to be the Central Bank of Kenya, for a period of four years, with effect from the 19th, June, 2023,” President Ruto said in a Gazette Notice dated 13th June, 2023.
And as his term ends, Dr. Njoroge says he has relished serving Kenyans in that capacity.
“Tomorrow (today) is my last day as Governor of the Central Bank of Kenya (CBK), closing a chapter that begun eight years ago. Truth be told, it has been the greatest honour to serve as CBK Governor,” Dr. Njoroge says amid his impending exit.
“We have navigated an incredible number of shocks. From interest rate caps to surges in domestic inflation. Brexit and COVID-19. A collapse and then surge in crude oil prices. Increase in global commodity prices and broken supply chains. Significant volatility and a freeze-out in the global capital markets…In all this, CBK has gained the respect of its peers in the East African Community (EAC), Africa and globally, for its actions and advocacy.”
He says he is proud of his stellar performance that is exemplified by the banking sector that has strengthened and expanded significantly, with better business models, customer-centric focus, and banks working for and with Kenyans.
The foreign exchange market, he adds, has also improved markedly and continue to recover from the recent shocks, with other parts of the financial sector having also advanced including Payment Service Providers, Digital Credit Providers and Credit Reference Bureaus.
However, to the incoming Governor Dr. Thugge, he says a lot more still needs to be done warning him that the role he is about to assume is a marathon.