NAIROBI, Kenya, Apr 7 – The process of picking the new Central Bank of Kenya (CBK) Governor has already kicked off and Kenyans are eagerly waiting to see who will take one of the top jobs in the country.
The Public Service Commission which will be carrying out interviews is expected to pick three candidates and forward the names to President Uhuru Kenyatta who will recommend only one to the National Assembly for approval, as next CBK Governor.
As the process continues, the outgoing Governor Professor Njuguna Ndung’u who spoke to Capital FM Business on Tuesday, says the job is cut out for the person who commands three basic and important qualities.
1. Deep knowledge of the macroeconomics of the country
I don’t know who the candidates are but first of all, one must know that Central Bank deals with monetary policy and this is the subject matter of any Central Bank. If you don’t know the subject matter, please for heaven’s sake, you don’t have business going there. There are no two ways to it. You must also be a macro-economist; that is if you don’t have a depth understanding of the monetary policy, just forget it, please. Being in Central Bank means you understand public policy and in the end protect the public interest. For example, when you defend financial inclusion for Kenyans you must understand why you are doing so.
2. Be a strong administrator
Administration is a very complex subject, but the most important thing is, be a team leader. This is because you have a host of so many people heading departments and others divisions. But you have to be the team leader. So essentially, you listen to advice as well as provide advice.
3. Should be friendly to market
Being friendly to the market means working closely with the involved institutions as well as other leaders in the industry. Being top at Central Bank is not where you go to grind an axe. No.
It’s not a one man show. You must be able to work together will every person. Central bank is not meant to kill the industry but to regulate and grow the industry. However proper knowledge of what you are doing and required to do, helps in dealing with all kind of shocks especially political as well as economical and maintain a strong institution.
Professor Njuguna Ndung’u who retired on March 4, 2015, is the first Governor to be at the helm for a complete two terms since 1982 and the second Governor to have left office at the end of the term.
The first one was Duncan Ndegwa, after serving from 1966 to 1982.