Kamau Thugge assumes office as tenth CBK Governor

Outgoing Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge (left) alongside incoming counterpart Kamau Thugge. [Standard, file]

Former Treasury Principal Secretary, Kamau Thugge, has assumed office, officially becoming the tenth Governor of the Central Bank of Kenya.

This follows his appointment to the role by President William Ruto in a gazette notice dated June 13, 2023.

Thugge takes over from Dr Patrick Njoroge, who has held the position since 2015.

His tenure will span four years, commencing on 19th June 2023.

In a statement, the CBK welcomed Thugge to the organization, describing him as a distinguished scholar who boasts an extensive and illustrious career in both international and Kenyan public service.

"Dr Thugge has had a long and distinguished career in the international and Kenyan public service. He worked in the International Monetary Fund (IMF) in both policymaking and non-policymaking departments. These include the Policy Review and Development Department and the Trade Policy Division. In these roles, he helped design the Highly Indebted Poor Countries Initiative (HIPC) and other policy initiatives. He also worked on various Article IV missions," CBK said in a statement on Monday, June 19.

He also served as Mission Chief to Botswana and Lesotho during the Global Financial Crisis.

Thugge has also held various senior roles in Kenya, including serving as the Head of the Fiscal and Monetary Affairs Department at the National Treasury, as Economic Secretary, and as Senior Economic Advisor.

He also served as the Principal Secretary at National Treasury and as Senior Advisor to the President and Head of Fiscal and Budget Affairs.

Thugge helped to design and implement various laws, including the Public Finance Management Act, the Commission on Revenue Allocation Act, the Independent Officers (Appointment) Act, the Public Procurement and Disposal of Assets Act, and many more. In these roles, he also served on various boards, including the Central Bank of Kenya, the Monetary Policy Advisory Committee (and later the Monetary Policy Committee), the Kenya Revenue Authority, and the Capital Markets Authority.

He holds a Bachelor's Degree from Colorado College and Master's and PhD Degrees in Economics from Johns Hopkins University in the United States.