Public Service Commission set to nominate next Central Bank boss

The Public Service Commission will for the first time nominate Kenya’s Central Bank governor.

In an advert in yesterday’s daily newspapers, the commission asked for submissions to the chairperson, governor and deputy governor of the bank.
The three positions were advertised because the president is required to appoint the trio “through a transparent and competitive process and with the approval of Parliament.”
They will serve a maximum of eight years of two equal terms.

Economic analyst Karithi Murimi told the Nation: “Of course the president’s advisers will come in after the names are given to him but the political lobbying shall have been reduced. Hopefully, such a high office will get at least someone competent.”

Previously, presidents appointed the bank’s chiefs.

10 POSITIONS

Now the bank will have two deputy governors; one is currently in office. There has been been no word over the vacant office with speculations rife over who is likely to replace Prof Njuguna Ndung’u who exited a week ago after his term ended.

Last week, the banking regulator advertised for 10 senior positions, nine of which were directors.

The bank is looking for directors to run it’s finance, internal audit, banking services, security services, financial markets, economics and financial systems.

Dr Haron Sirima, is the deputy governor while Dr Mbui Wagacha is the acting chairman.

Previous Central Bank governors Andrew Mullei, Nahashon Nyagah, Micah Cheserem, Eric Kotut and Philip Ndegwa all left office under controversial circumstances.

Prof Ndung’u was the first to serve under the fixed two terms of four years each. He also completed his second term under a cloud of corruption allegations.

Kenya’s first African Central Bank governor was Duncan Ndegwa who served for 17 years. He was appointed by country’s first President Jomo Kenyatta in 1966.
Others served between two and eight years.