Kenya’s President William Ruto on Tuesday 27th December 2022 nominated former Central Bank of Kenya (CBK) Governor Njuguna Ndung’u as the new Cabinet Secretary for the National Treasury and Planning.
Professor Njuguna Ndung’u served as the eighth Governor of the Central Bank of Kenya for two consecutive four-year terms, from March 2007 until March 2015. Prof Ndung’u replaces Ukur Yatani who was appointed in January 2020 after serving from July 2019 in an acting capacity.
Prof Njuguna Ndung’u Career
Prior to his nomination as Cabinet Secretary for Treasury and planning, Prof. Ndung’u was the executive Director at the African Economic Research Consortium (AERC).
He was instrumental in the development of M-Pesa alongside the UK Department for International Development and Vodafone.
At the African Economic Research Consortium, Professor Njuguna has been outspoken about the potential of electronic money to revolutionise the financial system.
Prof Ndung’u is an Associate Professor of Economics at the University of Nairobi and holds a PhD in economics from the University of Gothenburg, Sweden, and masters and bachelor’s degrees in economics from the University of Nairobi.
The 62-year old will be tasked with the responsibility of turning around the economy which is facing a ballooning debt, high cost of living and huge pending bills from the National and county governments.