Race to pick second CBK deputy intensifies as six shortlisted

Gerald Nyaoma, Director of the Bank Supervision Department at CBK and Former Kenya Bankers Association CEO Habil Olaka. 

The race to appoint the next deputy governor of the Central Bank of Kenya (CBK) is heating up, following Thursday’s Public Service Commission’s (PSC) announcement of shortlisted candidates for the coveted role. 

This announcement comes after a call for applications on March 30, last year.

The list of finalists published yesterday showcases an array of professionals with a strong mix of gender and regional representation.

Interviews are set to take place on October 3, 2024, at the PSC headquarters in Nairobi.

Among the candidates is Prof Dulacha Galgallo Barako from Marsabit, who currently serves as the head of external sector and fiscal analysis at the Central Bank.

A seasoned academic, Prof Galgallo has held significant roles at the National Treasury, including director of financial and sectoral affairs and an assistant director at the CBK.

He also previously headed the Kenya School of Monetary Studies.

Gerald Nyaoma Arita, hailing from Kisii, is another contender. Currently the director of the Bank Supervision Department at the CBK, Nyaoma is a veteran in the regulatory landscape, having joined the Central Bank in 1988.

He holds a masters degree in economics from the University of Cambridge and a Bachelor of Arts degree in economics from the University of Nairobi.

Jane Wangui Kiringai, a former World Bank economist from Nyeri, is also in the running.

Former Kenya Bankers Association  CEO Florence Koki Kinyanzui and Helb Chief Executive Charles Ringera

With a robust background in both government and the private sector, Ms Kiringai has been a policy analyst at the Kenya Institute for Public Policy Research and Analysis (Kippra), chaired the Commission on Revenue Allocation, and served as an economist in the Ministry of Finance.

Her World Bank tenure focused on macroeconomic analysis, public expenditure management, and fiscal decentralisation.

Charles Mutuma Ringera, chief executive of the Higher Education Loans Board (Helb) from Meru, and Dr Florence Koki Kinyanzui, a veteran banker and former CEO of the Kenya Bankers Association (KBA) from Makueni, round out the list.

Dr Habil Okunda Olaka from Kakamega also seeks the role, adding further depth to the pool of candidates.

Olaka is the immediate former chief executive of KBA.

In a bid to enhance transparency and public engagement, the PSC has encouraged citizens to submit any credible information regarding the shortlisted candidates through sworn affidavits, with a deadline set for October 2, 2024.

The appointment of the deputy governor is crucial for the Central Bank, which plays a vital role in regulating Kenya’s financial sector and formulating monetary policy.

Parliamentary approval

According to the Central Bank of Kenya Act, there shall be two deputy governors appointed by the president through a transparent competitive process, subject to Parliamentary approval. 

Currently, only one deputy governor is in office—Stella Koech—while Kamau Thugge serves as the Governor of the CBK.

Auditor General Nancy Gathungu has previously warned that the Central Bank has been operating in breach of the law by functioning without a second deputy governor.

With the interview date fast approaching, attention is focused on the candidates vying for one of the most significant positions in the country’s economic landscape.

The Standard learned yesterday that lobbying for the coveted role is in high gear.