CBK TO ADD SECOND DEPUTY GOVERNOR

The Central Bank of Kenya (CBK) is set to get a second deputy governor as the Public Service Commission embarks on a recruitment process to fill the vacant post.

The PSC has invited applications to the vacant post until November 14 with the successful candidate set to be handed a four-year term at the reserve bank with eligibility for a further single term of four years.

The sort after deputy governor will be tasked to perform functions assigned by the CBK Governor.

The Central Bank of Kenya (CBK) has been without a second deputy governor with the current governor Dr. Patrick Njoroge serving with only one deputy in Sheila M’Mbijjewe.

Previously under Prof. Njuguna Ndungu, the CBK also had a single deputy governor in Dr. Haron Sirima.

The lack of a second substantive deputy governor has attracted the attention of the Office of the Auditor General which has pushed for the filling of the post or amendments to reduce the number of posts for the deputy governor position.

“The Central Bank of Kenya Act, Cap 491 states that there shall be two deputy governors who shall be appointed by the President through a transparent and competitive process and with the approval of Parliament.

During the year under review, only one Deputy Governor was in office,” the Auditor General stated in an audit of CBK books to June 30, 2022.

“There was no amendment to the CBK Act to provide for reduction in number of Deputy Governors.”

The CBK has further been indicted over failure to maintain the required number of non-executive directors at eight, with only four non-executive directors in place at the end of June.

Sheila M’Mbijjewe has been CBK’s only deputy governor since June of 2015 and was reappointed for a final four year stint which run’s concurrently with that of Governor Patrick Njoroge until June 17, 2023.

The term of CBK Chairman Mohammed Nyaoga also lapses at the same time next year.

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