The Finance and Planning Committee has recommended the approval of Kamau Thugge as the Governor of the Central Bank of Kenya.
Thugge, a former Treasury Principal Secretary, was nominated by President William Ruto in May, as the current Governor, Dr Patrick Njoroge, is set to retire. The committee assessed Thugge’s suitability, capacity, and integrity and recommended his nomination to the National Assembly for approval.
“Having considered the suitability, capacity and integrity of the nominee, and pursuant to sections 13(1) and 13C of the Central Bank Act, sections 3 and 8 of the Public Appointments (Parliamentary Approval) Act ago. 33 a 001 Order 216(5)(f) of the National Assembly Standing Order, the Departmental Committee of Finance and National Planning recommends that the National Assembly approves the nomination of Dr Kamau Thugge, CBS as Governor of the Cent. Bank of Kenya,” read a statement from the committee.
During his vetting on May 30, Thugge outlined his plans to stabilize the Kenyan shilling against the dollar. He proposed issuing dollar-denominated bonds to release dollars held in bank accounts.
Read also: CBK Calls on Kenyans to Unlock Dollars Stored in Deposit Accounts
Additionally, Thugge emphasized the need to address the fiscal deficit resulting from borrowing for infrastructure projects. He expressed his commitment to reducing the budgetary deficit to 4% of GDP and enhancing revenue mobilization through the Kenya Revenue Authority.
Notably, Thugge previously faced corruption charges alongside former Treasury Cabinet Secretary Henry Rotich. The charges included conspiracy to commit economic crimes, abuse of office, and financial misconduct related to the inflation of a commercial loan for the construction of dams. However, Thugge’s charges were dropped in 2021, and he became a State witness against Rotich.
Before his appointment as Principal Secretary in 2013, Thugge served as a senior economic advisor in the Ministry of Finance and held various positions at the International Monetary Fund from 1985 to 2010. He holds a PhD in Economics from John Hopkins University in the USA.
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