Kenya’s Central Bank set to hire a new second deputy governor after 7 years

NAIROBI, Kenya - The Central Bank of Kenya plans to hire a second deputy governor, a position that has remained vacant for the last 7 years.

CBK law states that at any given time, the Apex bank’s management team should include the governor and two deputies, all of whom are recruited through a transparent and competitive process, and approved by Parliament before being appointed by the President.

“There shall be two deputy governors who shall be appointed by the president through a transparent competitive process and with the approval of Parliament.”CBK Act states.

Since 2015 Sheila M’Mbijjewe has been serving as the lone deputy governor after the CBK board failed to renew the term of her counterpart Haron Sirma, who later took up a new role at the National Treasury’s Debt Management Office.

The governor is the apex bank’s chief executive - responsible for its overall management. The governor is also the bank’s official spokesperson.
Currently, Dr. Patrick Njoroge is serving his second and final four-year term alongside Ms. M’Mbijjewe which expires in June 2023.

According to PSC Chairman Anthony Muchiri's notice released on Tuesday, eligible candidates for the position of deputy governor must have over 10 years of experience at a senior management level in the field of economics, banking, finance, law, or any other field relevant to the functions of CBK.

“For the appointment to this position, a person must be a person of integrity and meet requirements of chapter six of the constitution.” Mr. Muchiri stated in a notice.

The new deputy governor candidate shall hold a term of four years but is eligible for reappointment for another term.

CBK Act also bars Politicians and salaried employees of public entities from applying for the position.

Directors, officers, employees, partners in or shareholders of banks or financial institutions are also not eligible for the role.

GAROWE ONLINE