The President of Kenya, William Ruto, on May 15th nominated Kamau Thugge to be the new governor of the Central Bank of Kenya. If the appointment is ratified by both houses of the Kenyan parliament, Thugge will begin his first term as governor and replace the incumbent Patrick Njoroge.
The nomination of Thugge comes at a pivotal time for the Kenyan economy. With inflation still running at almost 8% and the Kenyan shilling hitting all-time lows against the US dollar, the monetary policies of the central bank are likely to come under increased attention in the months ahead.
Thugge is widely seen as a conservative choice for governor. Educated in the United States, he has spent his career in national and international economic organisations. His career has also involved time working for the Kenyan government, with his most recent post being in Ruto’s council of economic advisors.
The CEO of Cytonn Investments, Edwin Dande, an investment management firm based in Nairobi, said “the gentleman is uniquely qualified, with Treasury and IMF experience, not to mention his Ivy League credentials. The financial markets also appeared to react positively to the news of Thugge’s appointment, with the Nairobi Securities Exchange Index jumping over 7% in the aftermath of the announcement.
