By Dorothy Musyoka
The Governor of the Central Bank of Kenya, Dr. Kamau Thugge, has been named the African Central Bank Governor of the Year by the African Banker Magazine.
In their citation, the African Banker highlighted the considerable challenges faced by central bank governors globally this year, noting that despite the obstacles Dr Thugge has successfully stabilized markets and bolstered confidence in Kenya’s economy.
“This year has presented significant challenges for central bank governors worldwide, and we across the continent have not been immune to the economic and geopolitical turmoil. Despite the challenges, during your tenure in office, you have successfully stabilized markets and instilled confidence in the Kenyan economy,” stated the African Banker.
‘’The markets have responded by showing their faith and support for the Kenyan shilling and the banking sector has demonstrated remarkable resilience, positioning itself as a regional leader,” added the African Banker.
The Awards Committee commended Dr. Thugge’s recent accomplishments, highlighting his strategic leadership in addressing market inefficiencies and steering the economy towards growth.
Under his guidance, the Central Bank has implemented critical reforms and innovative policies, effectively navigating economic challenges and fostering a more resilient and inclusive financial sector.
“In granting you this accolade, the committee recognizes your recent achievements as Central Bank Governor and recognized the strategic role the Central Bank is playing to address market failures and to help put the economy on the right footing to stimulate growth,” noted the Awards committee.
In accepting the reward, the Governor expressed his appreciation to the Board, Monetary Policy Committee, Management, and staff of the Central Bank of Kenya.
Additionally, Dr. Thugge acknowledged President William Ruto’s leadership and highlighted the collaboration with the National Treasury, the President’s Council of Economic Advisors, colleagues in the banking sector, and development partners.
“To this end, I must recognize His Excellency the President, Dr. William Samoei Ruto, who has provided overall leadership. I also greatly appreciate the other government agencies we walked the journey wit including the National Treasury, the President’s Council of Economic Advisors, my banking sector colleagues and our development partners,” reiterated CBK’s Governor.
Dr. Thugge is the tenth Governor of the Central Bank of Kenya and has been in office since 19th June 2023. He joined CBK after a long and distinguished career in the international and Kenyan public service.
He worked in the International Monetary Fund (IMF) in both policymaking and non-policymaking departments.
The Award was presented at the African Bankers Awards event in Nairobi on 28th May 2024, during the African Development Bank 2024 annual meeting.
In their 18th year, the awards honour institutions and individuals who have contributed significantly to the reform, modernization and expansion of Africa’s banking and financial sector.