Cheap investment cash tops list of what Kenyans want from incoming CBK governor

NAIROBI: After eight years as the governor of Central Bank of Kenya (CBK), Prof Njuguna Ndung’u’s tenure ended earlier this month. While it was during his leadership that the shilling fell to a record low of Sh107 to the dollar, earning him the dubious ranking of Africa’s worst governor, he leaves CBK at a high. Last year, he was named Central Bank Governor of the Year in sub-Saharan Africa for his efforts to lower inflation, strengthen the shilling and improve the penetration of financial services.

CBK’s mandate includes managing the country’s money supply, promoting price stability, issuing currency, advising the Government on fiscal policy and overseeing the commercial banking system. According to the Constitution, “the Central Bank shall not be under the direction or control of any person or authority in the exercise of its powers or performance of its functions”.