Central Bank of Kenya governor Kamau Thugge. /FILECentral Bank of Kenya Governor Kamau Thugge has been ranked among the world’s top central bank chiefs after earning an ‘A’ grade from the prestigious Global Finance magazine.
The recognition, contained in the magazine’s annual Central Banker Report Cards, places Thugge in an elite group of global monetary policymakers commended for their success in inflation control, economic growth goals, currency stability, interest rate management, and political independence.
He now joins a distinguished cohort that includes US Federal Reserve Chair Jerome Powell and central bank governors from Denmark, Vietnam, Indonesia, Chile, and Morocco.
The awards will be officially presented in October on the sidelines of the IMF/World Bank Annual Meetings in Washington, DC.
Speaking after the announcement, Thugge attributed the award to the hard work of the CBK team.
“This grade is a recognition of the tough but necessary decisions we have made to rein in inflation and manage the exchange rate. Over the past year, inflation has stayed below the target range, the shilling has been stable, and interest rates on treasury bills as well as the Central Bank Rate have come down,” he said.
The CBK boss also cited reforms such as the revised Risk-Based Credit Pricing Model, which has been rolled out to enhance transparency in lending and strengthen monetary policy transmission.
The founder and editorial director of Global Finance, Joseph Giarraputo, said the ranking recognised central bankers who not only delivered results but did so “with independence, discipline, and strategic foresight.”
"As inflation recedes, we are beginning to see the results of those tough policy decisions," he said.
Thugge took over from Patrick Njoroge on June 18, 2023, becoming the 10th governor of the Central Bank of Kenya since its establishment in 1966.
Before his appointment to the CBK, Thugge held a long and distinguished career in public service and economic management.
He served as Principal Secretary at the National Treasury under former President Uhuru Kenyatta’s administration, Senior Advisor and Head of Fiscal Affairs and Budget Policy at President William Ruto’s economic council, and Senior Economic Advisor at the Ministry of Finance from 2010.
He has also chaired the East African Development Bank and previously worked with key state institutions, including the Capital Markets Authority, the CBK, and the Kenya Revenue Authority.
In May 2024, Thugge was named the Central Bank Governor of the Year by the African Banker magazine.
His new recognition comes just a year into his tenure, reinforcing Kenya’s standing in global financial circles and highlighting CBK’s pivotal role in stabilising the economy.
