Kenyan central bank nominee gets approval from key parliamentary committee

(Reuters) – A Kenyan parliamentary committee has approved of President William Ruto’s pick for the next central bank governor and recommended that the National Assembly supports his appointment, virtually guaranteeing that he will get the job.

Ruto nominated Kamau Thugge, a former senior Treasury official who has also worked as a presidential adviser, last month to replace Patrick Njoroge, who is retiring after serving two terms as central bank governor since 2015.

A parliamentary report dated June 6 said: “Having considered the suitability, capacity and integrity of the nominee … 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”.

Ruto’s party controls parliament so Thugge is now all but guaranteed to become Njoroge’s successor at the central bank.

Thugge, who has also worked for the International Monetary Fund in Washington, will face challenges including a long-running slide in the shilling currency and a heavy debt load that has strained government finances.

Economic growth slowed to 4.8% last year, down from 7.6% in 2021. But the World Bank expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

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