President William Ruto has nominated Andrew Musangi to serve as the next chairperson on the Central Bank of Kenya.
National Assembly Speaker Moses Wetangula on Thursday, August 17 announced that President Ruto forwarded his name to the Finance Committee for vetting.
Musangi was nominated to replace Mohammed Nyaoga who exited the position after completing his second tenure in office in June.
He emerged as the best candidate in a pool of applicants who included Abdikadir Omar Aden, John O. Konchellah, James Gituro Wahome, Thomas L. Mwadeghu, Andrew Mukite Musangi and James T. Y. Lopoyetum.
Here are some of the key duties awaiting the next CBK chair:
The chairperson shall convene and chair the meetings of the Board which shall be responsible for:
(i) Determining the policy of the bank, other than the formulation of monetary policy.
(ii) Determining the objectives of the bank, including oversight for its financial management and strategy.
(iii) Keeping under constant review the performance of the bank in carrying out its functions.
(iv) Keeping under constant review the performance of the governor in discharging the responsibility of that office.
(v) Keeping under constant review the performance of the governor in ensuring that the bank achieves its objectives.
(vi) Determining whether the policy statements are consistent with the bank’s primary function and policy objectives.
(vii) Keeping under constant review the use of the bank’s resources.