New central bank deputy governor takes office

Newly-appointed CBK Deputy Governor Dr Susan Jemtai Koech with Governor Dr Patrick Njoroge. [File, Standard]

The Central Bank of Kenya (CBK) has welcomed a new deputy governor, ending a seven-year wait.

The CBK board yesterday unveiled Dr Susan Koech, who was recently appointed by President William Ruto and vetted by Parliament, to serve for a renewable four-year term.

Dr Koech joins CBK after a long career that saw her serve in senior positions in banking and in the civil service, most recently as Principal Secretary in the State Departments of East African Community, Regional Development and Wildlife.

She holds a PhD in Business Management and a Master's degree in Business Administration.

"On behalf of the CBK Board, Management and Staff, I take this opportunity to congratulate Dr Koech on her appointment and warmly welcome her to the Bank," said CBK Governor Patrick Njoroge.

According to the Central Bank of Kenya Act, the apex bank's management team should include the governor and two deputies, all of whom are recruited through a transparent and competitive process, and approved by Parliament before being appointed by the President.

"There shall be two deputy governors who shall be appointed by the president through a transparent competitive process and with the approval of Parliament," states the CBK Act.

Sheila M'Mbijjewe has been serving as the lone deputy governor since June 2015 after the CBK board failed to renew the term of her counterpart Haron Sirma, who later took up a new role at the National Treasury's Debt Management Office.

The search for a deputy governor comes at a time when the regulator is preparing for the succession of Dr Njoroge and his deputy M'Mbijjewe, whose terms end in June.