Kenya on the world map as female central bank governors rise

Central Bank of Kenya Deputy Governor Dr Susan Koech. [Courtesy]

The number of women holding governor roles at central banks increased to 29 this year from 23 last year, according to a recent report.

Despite this rise, women still represent only 16 per cent of the world’s 185 central banks, as reported by the Official Monetary and Financial Institutions Forum.

In Kenya, there have been two female deputy governors since 2015: Susan Jemtai Koech, who began her four-year term as the second female deputy governor of the Central Bank of Kenya on March 10, 2023, and Sheila M'Mbijwe, who served as deputy governor from 2015 to 2023.

IMF research suggests that increasing gender balance in senior roles can enhance diversity of thought, checks and balances, and greater economic and financial stability. According to OMFIF, smaller economies, like Bosnia and Herzegovina and Papua New Guinea, are leading the way on gender balance.

This year’s increase in female central bank governors is the largest gain in over a decade, but significant progress is still needed for gender parity among top policymakers.

The IMF survey of the European Central Bank and its Group of Seven counterparts revealed that while fewer than half of the employees are women, only a third are economists or managers. This highlights ongoing challenges despite gradual improvements.

Recent appointments include Jasmina Selimović as the central bank chief in Bosnia and Herzegovina and Elizabeth Genia as the governor in Papua New Guinea. Last year saw Michele Bullock become the first woman to lead the Reserve Bank of Australia.