In a Gazette Notice No. 7687 dated June 13, 2023, President William Samoei Ruto has appointed Kamau Thugge (DR.) as the Governor of the Central Bank of Kenya (CBK).

This appointment is in exercise of the powers conferred by section 13(1) of the Central Bank of Kenya Act.

Kamau Thugge will take up the position for a period of four years, effective from 19th June 2023 replacing Patrick Njoroge whose tenure is coming to an end.

"IN EXERCISE of the powers conferred by section 13 (1) of the Central Bank of Kenya Act, 1. William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces appoint KAMAU THUGGE (DR.) to be the Governor of the Central Bank of Kenya, for a period of four (4) years, with effect from the 19th Jane. 2023," the gazette notice read.

Thugge, a renowned economist, has served in various capacities in the government, including as the Principal Secretary in the National Treasury and Planning.

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Before his appointment to the current position, he was President Ruto’s Senior Adviser and Head of Fiscal Affairs and Budget Policy at State House.

He holds a He has a Masters’ Degree and Ph.D. in Economics both from John Hopkins University and has vast experience in macroeconomic policy, public finance, and development finance.

As the Governor of the Central Bank of Kenya, Thugge will be responsible for ensuring the stability of the country's financial sector and managing the monetary policy framework.

His appointment is expected to bring in a wealth of experience and expertise to the institution and steer the economy towards sustainable growth.

Thugge's appointment is however controversial because was kicked out of the National Treasury in 2018 over his alleged role in the scandalous building of Sh50 billion Arror and Kimwarer dams in Elgeyo Marakwet County.