Central Bank of Kenya Governor Dr Patrick Njoroge yesterday received the African Central Bank Governor of the Year Award at the 51st Annual Meeting of the African Development Bank (AfDB) in Lusaka, Zambia.
Dr Njoroge was recognised for bringing stability in Kenya’s economy, especially the banking sector.
Speaking after receiving the award, Dr Njoroge, who was appointed CBK governor in June last years, said: “I dedicate this award to the youth of Africa.”
The award is given to the central bank governor who has successfully reformed and transformed the financial sector, through proper regulation and policies, as well as created a stable and predictable environment for investment and growth.
It is part of the African Banker Awards held under the patronage of the AfDB. This was the 10th edition of the awards and took place during the AfDB annual meeting.
Governor Njoroge was honoured with the award for his integrity, strong values and for providing stability in what has been a volatile economic environment. The AfDB noted that Governor Njoroge had re-established order “as he sanitises the banking sector in his country” and called him “an exceptional leader”.
Since taking over, the reign of the CBK governor has been marked by aggressive supervision of Kenya’s commercial banks.
This has resulted in the collapse of three banks – namely Imperial Bank, Dubai Bank and Chase Bank. Chase Bank was however re-opened on April 27, just three weeks after being closed down. Last year, Dr Njoroge said that 2016 would be a year of transition whereby the regulator would improve supervision.
