Ruto Appoints Ex-PS Kamau Thugge as New CBK Governor

Former Treasury Principal Secretary Kamau Thugge has been appointed the new Governor of the Central Bank of Kenya (CBK) by President William Ruto.

Patrick Njoroge, who served as governor for eight years, will be succeeded by Thugge.

Ruto stated his appointment would start on June 19 in a gazette notice obtained by one local daily.

“I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces appoint Kamau Thugge (DR.) to be the Governor of the Central Bank of Kenya, for a period of four(4) years, with effect from the 19th June 2023,” the gazette notice reads.

Thugge is now the tenth CBK governor of Kenya.

His appointment follows a report that the National Assembly reviewed and then submitted to the president.

The National Assembly should support Thugge’s candidacy as the following governor of the CBK, according to the Finance and National Planning Committee’s recommendation.

Thugge claimed to have a net worth of Sh450 million when he testified before the committee.

“It comprises properties, shares, and cash equivalents,” he said.

Thugge was nominated by President William Ruto on May 15.

“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 (No. 33 of 2011), and Standing Order 216(5) (f) of the National Assembly Standing Orders, 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 Central Bank of Kenya,” a notice of motion dated June 6 read.