CBK Governor Dr. Kamau Thugge Named Central Bank Governor of the Year

Dr. Kamau Thugge, Governor of the Central Bank of Kenya, has been named Central Bank Governor of the Year by the African Banker Magazine.

Dr. Thugge is the tenth Governor of the Central Bank of Kenya, having assumed office on June 19, 2023.

Under his tenure, the average inflation has seen a reduction from 7.6% in December 2023 to 6.7% in April 2024.

He also proposed the establishment of a government infrastructure bond in USD, with an aim to address the issue of dollar scarcity in Kenya and the high interest rates charged by issuers of Eurobonds outside of Kenya.

According to reports, Dr. Thugge has held various key government positions, including Director of Fiscal and Monetary Affairs, Economic Secretary, and Senior Advisor to the President, equipping him with a deep understanding of Kenya’s economic landscape.

The award citation highlights his success in stabilizing markets and enhancing confidence in the Kenyan economy despite global challenges. Dr. Thugge also credited the recognition to Kenya’s sound economic policies and acknowledged the support of President William Ruto, the National Treasury, and other development partners.

While addressing the media, Thugge said: “This recognition is an affirmation of Kenya’s sound macroeconomic policies.

To this end, I must recognize His Excellency the President, Dr. William Samoei Ruto, who has provided overall leadership. I also greatly appreciate the other government agencies we have walked the journey with including the National Treasury, the President’s Council of Economic Advisors, my banking sector colleagues, and our development partners.”