President William Ruto has selected Kamau Thugge, former Treasury Principal Secretary, as the new Governor of the Central Bank of Kenya (CBK). This appointment comes after Patrick Njoroge’s eight-year tenure as governor. The official announcement was made in a gazette notice, stating that Thugge’s appointment will be effective from June 19. According to the notice, President Ruto, as the President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, has appointed Thugge for a four-year term.
Thugge’s nomination followed a vetting process conducted by the National Assembly, with a subsequent report being submitted to President Ruto. The Finance and National Planning Committee of the National Assembly recommended the approval of Thugge’s nomination as the next CBK governor.
During his appearance before the committee, Thugge disclosed that his net worth amounts to Sh450 million, comprising properties, shares, and cash equivalents. This information was likely provided as part of the vetting process to assess Thugge’s financial background and potential conflicts of interest.
Kamau Thugge’s appointment as the 10th CBK governor marks a significant transition in the leadership of the central bank. As the Treasury Principal Secretary, Thugge has had prior experience in the financial sector and is expected to bring his expertise to his new role. With his term beginning in June 2023, Thugge will assume responsibility for the central bank’s operations, including the formulation and implementation of monetary policy, regulation of the banking sector, and overall financial stability in Kenya.
It is important to note that the information provided here is based on the hypothetical scenario and does not reflect actual events or developments in Kenya as of my last knowledge update in September 2021.