Kenya: House team wants new Central Bank of Kenya boss approved

A House committee has recommended the approval of Patrick Njoroge to the position of Central Bank of Kenya (CBK) Governor.

The National Assembly's Finance Planning and Trade Committee members commended Njoroge, 54, for his understanding of monetary issues and academic qualifications, matters that they had barely delved into during the vetting process.

"The committee noted that the nominee was open minded, independent and exhibited impressive knowledge of topical issues touching on monetary policy and has the requisite abilities, qualifications and experience to serve as the Governor of CBK," said the committee in its 11-page report tabled yesterday before the National Assembly.

"However, he may not be conversant with Kenya's working environment considering that he has been working aboard for almost his entire life. He will therefore have to create a good working rapport with his team and stakeholders to help him govern," the committee added.

Njoroge, a Yale graduate, has spent most of his working life outside the country and currently serves as advisor to the Deputy Managing Director of the International Monetary Fund.

If he is approved by the National Assembly and ultimately appointed by the President, one of his immediate tasks would be to halt the slide in the value of Kenyan shilling. Analysts will also be keenly watching to see the steps he will take to bring down the spiraling interest rates charged by commercial banks on loans.

The committee also recommended the approval of two other nominees, Sheilla M'Mbijjewe (deputy governor) and Mohammed Nyaoga (chairman.)

The committee's preoccupation with Njoroge's marital status during vetting had raised concern that MPs, known for their penchant for drama could have used it as a reason to make a negative recommendation to the House. Nyaoga will, however, have to give up some of his current responsibilities after the committee noted some of them may constitute conflict of interest. There was, however, no such disclaimer on M'Mbijjewe.