On Tuesday, the Finance and Planning Committee proposed to the National Assembly that Kamau Thugge be appointed Governor of the Central Bank of Kenya.
Dr Thugge, a former Treasury Principal Secretary, was selected by President William Ruto on May 15 to replace Dr Patrick Njoroge, who has served as CBK governor since June 2015.
"Having considered the nominee's suitability, capacity, and integrity, and in accordance with sections 13(1) and 13C of the Central Bank Act, sections 3 and 8 of the Public Appointments (Parliamentary Approval) Act, and Order 216(5)(f) of the National Assembly Standing Order, the Departmental Committee of Finance and National Planning recommends that the nomination of Dr Kamau Thugge, CBS, be approved by the National Assembly." read a statement from the committee
During his vetting on May 30, Thugge stated that his priority once in power would be to stabilize the shilling versus the dollar by issuing dollar-denominated bonds to free up money stored in bank accounts.
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He stated that, under his leadership, the Central Bank of Kenya would focus on decreasing the budget deficit, exacerbated by borrowing to finance mega-infrastructure projects, and enhancing revenue mobilization by the Kenya Revenue Authority to plug the shortfall.
The former PS is now a senior counsellor and the president's Head of Fiscal and Budget Policy. He also serves on Ruto's Economic Council. Thugge was charged with corruption along with former Treasury Cabinet Secretary Henry Rotich.
He was charged with conspiracy to commit an economic crime, improperly bestowing 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 governing public finance management.
Thugge's charges, however, were withdrawn by the Director of Public Prosecutions, Noordin Haji, in 2021, and he was appointed as a State witness against Rotich in connection with the scandals.
