Ruto appoints former Treasury PS Kamau Thugge new CBK governor

Newly appointed CBK Governor Kamau Thugge at Parliament, Nairobi. [Boniface Okendo, Standard]

President William Ruto has appointed former Treasury Principal Secretary Kamau Thugge as the new Central Bank of Kenya (CBK) Governor.

Thugge will now take over from Patrick Njoroge who has held the position for the last eight years.

Thugge, whose term begins on June 19, becomes the country's 10th CBK governor.

"I, William Samoei Ruto, appoint Kamau Thugge to be the Governor of the Central Bank of Kenya, for a period of four years, with effect from June 19, 2023," a gazette notice dated June 13 read in part.

Thugge who was nominated by Ruto on May 15, was appointed following a report by the National Assembly Finance and National Planning Committee in his favour.

The incoming governor underwent vetting before his name was submitted to the president for appointment.

During his vetting, Thugge indicated that his main focus should he take over the mantle as CBK Governor will be to consolidate the country's banking sector as a way of ensuring its efficiency and stability.

"The nominee informed the committee that if confirmed, he would ensure greater realisation of mergers and acquisitions in the banking sector as a solution to ensure efficiency and stability in the banking industry," the committee report read.

It was also during the vetting that he revealed his net worth being Sh450m.

Thugge has previously worked in the Ministry of Finance as head of the Fiscal and Monetary Affairs Department, Economic Secretary, and as Senior Economic Advisor.

Before joining the Ministry of Finance, he worked with the International Monetary Fund (IMF) as Economist, Senior Economist, and Deputy Division Chief.