, NAIROBI, Kenya, March 11 – The Public Service Commission (PSC) has advertised for the post of Governor of the Central Bank of Kenya (CBK) to fill up the vacuum left by Professor Njuguna Ndung’u.
In a paid up advertisement in the local dailies, PSC Chief Executive Officer Alice Otwala stated that applicants need to be citizens of Kenya with recognized professional standing.
“Pursuant to the provisions of Article 231 of the constitution and section 10 – 15 of the Central Bank of Kenya Act, Chapter 491, Laws of Kenya applications are invited from suitably qualified persons for the positions of chairperson, Governor and Deputy Governor of the Central bank of Kenya,” she said.
She stipulated that they also need to have over 10 years experience at senior management levels with a deep understanding of global financial sector trends.
“The Governor shall be the Chief Executive Officer of the Bank and subject to the general policy decisions of the Board shall be responsible for the management of the Bank including the organization, appointment and dismissal of staff in accordance with the general terms and conditions of service established by the Board,” she stated.
“He will have the authority to incur expenditure for the bank within the administrative budget approved by the Board and be the principal representative in its relation with other public entities, persons and bodies.”
Professor Ndung’u left the helm of the top bank after eight years.
He established the Monetary Policy Committee (MPC), which has maintained the pulse of the economy, stimulating various sectors to stabilise growth.
The post of Chairperson currently being held by Mbui Wagacha has also been advertised and the duties of the person appointed to the post will be to convene and chair meetings of the Board which shall be responsible for determining the policy of the Bank, including oversight for its financial management and strategy.
“The chairperson needs to be a strategic, result oriented and creative thinker able to make precise decisions and have demonstrable leadership and management competencies with the ability tto make sound judgements,” Otwala stated.
A proposed CBK law that is yet to be submitted to the National Assembly requires the CBK board to initiate the recruitment process and present a shortlist of three to the President.
The new law is meant to operationalise Article 231 of the Constitution, which calls for an independent Central Bank that shall not be under the direction or control of any person or authority.
The draft law also provides that the President shall endeavour to ensure professional competence of the appointee, uphold the principles of gender equity, regional and ethnic balance, principle of equal opportunity for persons with disabilities, minorities and marginalised groups.