President William Ruto has appointed former Treasury Principal Secretary Kamau Thugge as the new Governor of the Central Bank of Kenya (CBK) to take over from Patrick Njoroge, who served for eight years.
According to a gazette notice, Thugge is expected to assume office on June 19, 2023 for a period of four years as the tenth Central Bank governor since independence.
His appointment comes after the National Assembly reviewed a report on his nomination before submitting it to the President.
“I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces appoint Kamau Thugge (Dr.) to be the Governor of the Central Bank of Kenya, for a period of four (4) years, with effect from the 19th June 2023.” The gazette notice reads in part.
The Finance and National Planning Committee had recommended that National Assembly throws its weight behind Thugge’s candidacy as the incoming governor of the CBK.
Appearing before the same Committee earlier, Thugge testified to have a net worth of Sh450 million, comprising of properties, shares, and cash equivalents.
Thugge was nominated by President William Ruto on May 15, 2023.
“Having considered the suitability, capacity, and integrity of the nominee, and pursuant to sections 13(1) and 13C of the Central Bank Act, sections 3 and 8 of the Public Appointments (Parliamentary Approval) Act (No. 33 of 2011), and Standing Order 216(5) (f) of the National Assembly Standing Orders, the Departmental Committee of Finance and National Planning recommends that the National Assembly approves the nomination of Dr. Kamau Thugge, CBS as governor of the Central Bank of Kenya.” June 6 notice of motion.