The Central Bank of Kenya has admitted 4 new external members to the Monetary Policy Committee (MPC), after delays as the terms of other 4 existing members expired in August.
- •The term of the four previous external members expired in August 2024.
- •The new members are Isis Nyong’o, Dr. Kemboi Kipruto, Dr. Freshia Mugo, and Jared Osoro.
- •The appointments come just a day ahead of the MPC’s final meeting of 2024 on December 5th.
Dr. Kemboi Kipruto
Dr Kemboi currently an Academic Trainer in Collaborative and Specialised Programs at the Kenya School of Revenue Administration and doubles as the Coordinator of Economic Programs and a lecturer at Moi University School of Business and Economics Nairobi Campus.
He holds a PhD in Economics from Moi University, a Master’s degree in Economics from Kenyatta University, and a Bachelor of Economics and Statistics degree from Kenyatta University.
Dr. Kipruto has published widely in refereed journals, and has extensive experience in research, policy analysis, investment methodologies, statistical and data analytics with a Certified Investment and Financial Analyst (CIFA), and Certified Public Accountant (CPA).
Isis Nyong’o
Nyong’o earned a Master of Business Administration degree from Stanford University in the USA, and a Bachelor of Arts degree in human biology from the same university.
With over 12 years of experience as a non-executive director, Nyong’o has also served in advisory roles for several boards including the Africa Research Centre for the Harvard Business School.
She is currently a member of the boards of the Nairobi Securities Exchange and LGT Venture Philanthropy, and has previously served on various boards including Equity Bank Group.
Jared Osoro
Osoro is an economist specialising in international macroeconomics, financial and monetary economics, econometrics, and development economics – currently leading a special Financial Sector Deepening (FSD) Africa technical advisory program on two-way interaction of central bank policies and market players
He holds a Bachelor of Arts degree in Economics from the University of Nairobi, Master of Science in Economics from the University of Zimbabwe, and Advanced Econometric Studies as applied to Development from the University of Bradford.
Osoro has also worked at the East African Development Bank, and the Kenya Bankers Association as Director of Research.
Dr. Freshia Mugo
Dr. Mugo currently serves as a Senior Lecturer in Finance, and Academic Director for PhD programmes at Strathmore University. She earned a PhD in International Finance from Sogang University in South Korea, and Master of Business Administration (Finance) and Bachelor of Commerce in Accounting from Kenyatta University.
Dr. Mugo has also served as Chair of the Finance and Planning Committee as well Audit, Governance, and Risk Committee at the Capital Markets Authority (CMA).
She led the establishment of the derivatives market in Kenya, and was the lead finance expert of a World Bank and Government of Kenya-funded project on development of urban resilience strategies.
What the Monetary Policy Committee Does
As the name suggests, the MPC is central to the “decisions and actions taken by the Central Bank to ensure that the supply of money in the economy is consistent with growth and price objectives set by the government.”
MPC decisions are primarily meant to maintain price stability in the economy, primarily guided by inflation numbers. Daily decisions on this are made by the Monetary Policy Management Committee while the MPC means at least once every two months to review both CBK and external data and make decisions on whether to maintain or vary the apex bank’s overall stance.
The MPC consists of the Governor who serves as chair, the deputy governor, two members appointed by the governor, four external members, the Principal Secretary of the National Treasury or a representative. The PS’s members is a non-voting role on the MPC.