The government has kicked off the process to recruit a new governor of the Central Bank of Kenya (CBK), even as the term for the current governor is set to expire in June.

The current CBK governor, Dr Patrick Njoroge, is set to leave the position on June 18, 2023, after serving his second and final four-year term.

Njoroge was appointed to the position or the second term by former President Uhuru Kenyatta on June 18, 2019.

In a public notice, the Public Service Commission announced the vacancies in the positions of the governor, asking suitable candidates to apply for the positions before or on April 19, 2023 by 5:00 pm.

“Pursuant to the provisions of Article 231 of the Constitution of Kenya 2010 and Sections 13-15 of the Central Bank of Kenya Act, Chapter 491, the Public Service Commission hereby invites applications from suitably qualified persons for the positions of Governor and Deputy Governor of the Central Bank of Kenya,” PSC stated.

Suitable candidates for the position of CBK governor will be required to have a Bachelor’s and a Masters’s degree in Economics, Banking, Finance or Law. They will also be required to have over 10 years’ experience at senior management level in the field of economics, banking, finance, law or other fields relevant to the functions of the Central Bank. They will also be required to meet the requirements of Chapter Six of the Constitution, among other qualifications.

Candidates looking to fill the position of deputy governor will not be required to have a masters’s degree.

Duties of a CBK Governor

The governor serves as the Chief Executive Officer of CBK, responsible for the management of the Bank including the organization, appointment and dismissal of the staff.

He/she has the authority to incur expenditures for the bank within the administrative budget approved by the Board and is the principal representative of the bank among other duties.

The office of the CBK deputy governor, which has two positions, is assigned roles by the governor.

Currently, the position of Deputy Governor is held by Mrs Sheila M’Mbijjewe and Dr Susan Koech. M’Mbijjewe was appointed to the position on June 18, 2019, while Dr Koech was appointed on March 10, 2023.

This is the first time the country is having two deputy CBK Governors, after a law was enacted in 2015, requiring CBK to have two deputy governors.