Dr Patrick Njoroge has been named the Central Bank Governor of the Year for sub-Saharan Africa in the 2019 Global Markets Award.
This is the second time Dr Njoroge is winning the award, with the first coming in 2016, reinforcing his high standing among central bank governors in Africa.
The annual award by world leading financial journal Global Markets was presented to Dr Njoroge during a World Bank/International Monetary Fund meeting in Washington DC.
In his acceptance speech, Dr Njoroge dedicated the award to African youth and expressed gratitude to his colleagues at the Central Bank for their support.
“I am delighted and deeply honoured to receive this award in recognition of and testament to all the work that we have done this year. We have managed to tackle micro stability in Kenya and the transformations that have a bearing on fiscal stability,” he said.
Dr Njoroge, who was first appointed in 2015, said they have been working with other institutions to achieve other targets in innovation and climate change.
“These achievements are testament to our ambitions and dedication and I, therefore, dedicate this award to the youth of Africa who obviously need a lot more opportunities, and which our actions collectively will provide for their benefit,” he said.
NEW CURRENCY NOTES
Dr Njoroge, who led the country in the recent unveiling of new currency notes, was recognised for his efforts in improving oversight in the banking industry.
“Some 120 pitches were heard in total and all contained stories of excellence. An editorial panel then decided the winners of the awards,” Global Markets said in a statement.
“Dr Njoroge has presided over a period of consolidation within the Kenyan banking sector that has helped clean up the country’s banks and vastly improved oversight over the sector. Banks have tightened their lending standards in response, thanks to the central bank’s oversight,” it added.
The governor was further praised for his efforts in keeping inflation within its target range, leading to the expansion of Kenya’s domestic capital markets as well as improving the sustainability of banks.
“A wave of mergers and acquisitions in the banking sector, endorsed if not facilitated by the Central Bank, has left the remaining banks more profitable and benefiting from strong capital buffers and left it more resilient and stable,” the statement said.
The award comes three months after President Kenyatta extended Dr Njoroge’s term at the helm of CBK for four more years.