Hit or miss? Ruto nominates former Ps Kamau Thugge as CBK boss.

Profile of Dr. Kamau Thugge, the CBK governor nominee:

—He has been working until now as the President’s fiscal affairs and budget policy advisor
—Has a Masters’ Degree and Ph.D. in Economics both from John Hopkins University
—Has previously worked in the Ministry of Finance as Permanent Secretary, head of the Fiscal & Monetary Affairs Department, Economic Secretary & Senior Economic Advisor.
—Has also worked with the IMF as an Economist, Senior Economist & Deputy Division Chief.
—Helped work on the Public Finance Management Act, 2012 & The Commission on Revenue Allocation Act, 2011.
—Was fired from the PS on allegations of corruption which were later dropped

The nomination of Dr Kamau Thugge, although qualified, raises the question of ethnicity over-concentration in Kenya's finance docket. The CS Treasury, Several Directors and top managers at Treasury, CBK Governor and both Chairpersons of Finance and Budget Committees at National… pic.twitter.com/TK1IO8bYF0

— Stephen Mutoro (@smutoro) May 15, 2023

President William Ruto has nominated former Treasury Principal Secretary Kamau Thugge as Governor of the Central Bank of Kenya (CBK).

This is ahead of the imminent retirement of Dr Patrick Njoroge who has been CBK governor since June 2015.

According to a statement issued by Head of Public Service Felix Koskei, Dr Thugge’s nomination “followed a competitive recruitment process carried out by the Public Service Commission.”

The former PS is currently a senior advisor and Head of Fiscal and Budget Policy in the president’s office. He is also a member of Ruto’s Economic Council.

Thugge was facing corruption charges alongside former Treasury Cabinet Secretary Henry Rotich.

He was accused of conspiracy to commit an economic crime, improperly conferring a benefit, abuse of office, committing an offence of financial misconduct, engaging in a project without prior planning and failing to comply with rules and regulations relating to the management of public finances.

The economist was accused alongside Rotich of inflating a commercial loan for the construction of the Kimwarer and Arror dams in Kerio Valley by Ksh.17 billion.

Thugge’s charges were, however, dropped by the Director of Public Prosecutions Noordin Haji in 2021, and he was made a State witness against Rotich over the scandals.

Prior to his appointment as Principal Secretary in 2013, he worked as a senior economic adviser in the Ministry of Finance from 2010.

He also worked at the International Monetary Fund (IMF) from 1985 to 2010; where he served in the positions of Economist, Senior Economist, and Deputy Division Chief.

Thugge holds a PhD in Economics from John Hopkins University in the USA.