After a seven-year wait, the Central Bank of Kenya (CBK) has a new deputy governor.
Dr. Susan Koech, who was recently selected by President William Ruto and approved by Parliament, was introduced by the CBK board yesterday to begin a four-year term that is renewable.
After a lengthy career in which she held important positions in banking and the government, most recently as Principal Secretary in the State Departments of the East African Community, Regional Development, and Wildlife, Dr. Koech joins CBK.
She has a Master’s in Business Administration and a Doctorate in Business Management. CBK Governor Patrick Njoroge said, “I take this opportunity to congratulate Dr. Koech on her appointment and cordially welcome her to the Bank on behalf of the CBK Board, Management and Staff.
The Central Bank of Kenya Act stipulates that the governor and two deputies, who are all chosen through an open and competitive process and approved by Parliament before being nominated by the President, should make up the management team of the top bank.
“There shall be two deputy governors who shall be nominated by the president through a transparent competitive procedure and with the agreement of Parliament,” declares the CBK Act.
Since June 2015, Sheila M’Mbijjewe has held the position of sole deputy governor after the CBK board declined to extend the contract of Haron Sirma, who subsequently accepted a new position in the National Treasury’s Debt Management Office.
The regulator is currently planning for the succession of Dr. Njoroge and his acting governor, M’Mbijjewe, whose tenure expire in June.