For 57 years, the Central Bank of Kenya has been the go-to institution trusted with keeping the country's economy in check.
Founded on March 24, 1966, by an Act of Parliament, the institution took over the duties of the East African Currency Board (EACB) which conducted the issuance of currency across the East African countries of Kenya, Uganda, and Tanganyika (later called Tanzania).
On September 14 of the same year, the then President Jomo Kenyatta opened the CBK offices along Haile Selassie Avenue in Nairobi and instituted its first leader.
Here is a list of 10 Governors that have led the storied institution;
Leon Baranski
He was appointed the first Governor in May 1966 who held a Polish citizenship.
Dr Baranski had been seconded by the International Monetary Fund (IMF) to take up the job of CBK Governor.
Of the ten Governors, he was the first and only CBK chief to be a foreigner. He held that position for one year until May 1967, which marked the shortest tenure of a CBK Governor.
Duncan Ndegwa
He served from May 1967 to December 1982. Prior to this, he held several roles in Jomo Kenyatta’s government including Secretary to the Cabinet and Head of the Public Service.
He oversaw the enactment of the Banking Act in 1968 that enhanced the functions of the CBK.
In December 2016, he published his memoir detailing his life and career titled ‘Walking in Kenyatta Struggles: My Story’.
Phillip Ndegwa
He was appointed in December 1982 and served until 1988.
He is remembered for liberalisation of the economy and is credited with overseeing the creation of Deposit Protection Fund Board (DPFB).
DPFB was created to protect the interest of depositors in case a bank collapses.
Eric Kotut
He served from 1988 to 1993 and was at the helm during the Goldenberg scandal. During his tenure, several banks collapsed, including Trade Bank and the Pan African Bank.
Micah Cheserem
He was the CBK chief from July 1993 to April 2001. In 1998, he oversaw the automation of the Nairobi Clearing House.
Apart from being CBK Governor, he also served as the chair of the Capital Markets Authority (CMA) and Commission on Revenue Allocation (CRA).
Nahashon Nyagah
He served from April 2001 until 2003 and was replaced soon after Mwai Kibaki became president in December 2002.
He is remembered for revitalising the Kenyan bond market.
Andrew Mullei
He served from March 2003 to March 2007 and was tasked with improving the Kenyan economy which had been troubled after the Goldenberg scandal broke.
In 2005, he shepherded the implementation of the Kenya Electronic Payments and Settlement System (KEPSS), the country’s Real Time Gross Settlement (RTGS) System.
Njuguna Ndung’u
He served from March 2007 to June 2015 and championed for the use of mobile money.
His legacy includes enhancing banking services for the unbanked.
Additionally, he oversaw the development of agency banking and credit reference bureaus (CRB). He now serves as the Cabinet Secretary (CS) for the National Treasury and Economic Planning.
Patrick Njoroge
He started his tenure in June 2015 and is slated to hand over the batton in 2023.
In 2018, he unveiled new generation banknotes that possessed advanced security features. This was in line with the 2010 Constitution which prohibited the use of presidential portraits on Kenyan currency.
In October 2019, he was recognised as the best Central Bank Governor in Sub-Saharan Africa in the Global Markets Awards.
Under Dr Njoroge’s tenure, three banks collapsed namely Chase Bank, Dubai Bank, and Imperial Bank.
Kamau Thugge
He was nominated to the helm of the CBK on May 15, 2023 by President William Ruto.
His career has seen him work for the IMF and the National Treasury.
Prior to his appointment, he was the senior adviser and Head of Fiscal Affairs and Budget Policy at the State House where he advised President William Ruto on economic policy.
CBK governors serve four-year terms but can have an additional four-year term.
Furthermore, they chair the Monetary Policy Committee (MPC) which sets the country’s monetary policy.
