CBK Governor Dr. Njoroge Ranked Best In Sub-Saharan Africa

A world-leading financial journal, GlobalMarkets magazine, has named Kenya’s Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge the CBK governor of the year in Sub-Saharan Africa.

The 2019 Global Market Awards marks the second time in four years that Dr. Njoroge is ranked the best CBK Governor, as he already clutched the award in 2016 for having been the governor that managed to curb inflation.

This year, the financial journal acknowledged Dr. Njoroge’s remarkable individual performance that has “helped the expansion of Kenya’s domestic capital markets”.

“Governor Njoroge has presided over a period of consolidation within the Kenyan banking sector in his tenure, and this has helped clean up the country’s economy and greatly improved oversight over the sector,” said GlobalMarkets.

“Because of CBK’s oversight, Kenyan banks have improved their lending standards, and as a result, the country’s domestic capital has greatly improved,” cited GlobalMagazine.

Notably, it is in 2019 that Dr, Njorege oversaw the successful demonetization of the old 1000 shilling notes, yet the shilling remained stable.

Given that Global Markets looks at innovations, it is important to note that during Dr.Njoroge’s tenure, he led the country in the issuance of the first green bond that raised Sh4.3 billion to build environmentally-friendly student accommodation.

The CBK Governor while accepting his award attributed his success to the efforts of all CBK staff and dedicated the award to the youth of Africa.

“It is a great honor. This achievement is for all the staff who work in support of the innovation and green finance. I also dedicate this award to the youth of Africa who needs a lot more opportunities, which we believe will be made possible for their benefit through our collective work,” said Governor Njoroge.

Governor Njoroge gets the award only a few months into his second term as CBK governor after President Uhuru Kenyatta extended his term for four more years.

The Global Market Awards is usually held every year in Washington DC during the World Bank/IMF meetings, where exemplary central bankers are recognized.