Central Bank of Kenya (CBK) Governor Patrick Njoroge has been named best governor in sub-Saharan Africa at the 2019 Global Markets Award in Washington DC.

Having won the award again in 2016 when he was recognised for his role in curbing inflation, the governors role in the successful demonetisation process without instability in the financial system and the economy stood out.

Target range

Njoroge who has also kept inflation within target range for eight years in  a row dedicated the award to the youths of Africa, saying there is need to create more openings for the young people to enable them grow.

“I would, therefore, want to dedicate this award to the youth of Africa who obviously need a lot more opportunities and which our actions collectively will provide for their benefits,” he said.

The governor continues to preside over consolidation of banks and has improved oversight over the sector.

As a result, growth rate of non-performing loans (NPL) dipped and capital adequacy rates have increased drastically. Another milestone in 2019 was the issuance of the first green bond that raised Sh4.3 billion to build environmentally-friendly student accommodation.

Njoroge has also managed to keep the shilling steady since he was appointed in June 2015, with the currency averaging Sh101.97 to the US dollar.

World’s policymakers

The Global Markets Award is held every year during the World Bank/IMF meetings held in Washington DC where the World’s top policymakers are recognised.

In 2018, Nigeria’s Governor Godwin Emefiele scooped the award for coming up with long term solutions to tame inflation and promoting economic stability.

Global Capital says the process started with applicants telling their stories over their success in the last 12 months.

“As ever, we were looking for the stories of innovation, going the extra mile for clients and industry advocacy that have powered the improvement of the global derivatives markets,” it states.