Patrick Njoroge Retains Best Central Bank Governor Award in Sub Saharan Africa

CBK Governor Terms Rate Cap as ‘Temporary Deviation’, Legislators Reject its Repeal

Patrick Njoroge Photographer: Luis Tato/Bloomberg

Dr. Patrick Njoroge the governor of Central Bank of Kenya has been named the best governor in Sub Saharan Africa for keeping inflation within the target range during the 2019 Global Markets Award.

This is the second time Njoroge has won the award, with the first time being in 2016 when he was recognized for his role in curbing inflation.

Dr. Njoroge received the Global Markets Central Bank Governor of the Year Award for Sub-Saharan Africa on the sidelines of the IMF/World Bank meetings in Washington, DC.  

In its citation of the award to Dr. Njoroge, GlobalMarkets wrote: “Dr. Njoroge has presided over a period of consolidation within the Kenyan banking sector that has helped clean up the country’s banks and vastly improve oversight over the sector. Banks have tightened their lending standards in response, thanks to the central bank’s oversight.”

The citation also noted that under the Governor’s tenure, the improvements in the banking sector are “helping the expansion of Kenya’s
domestic capital markets.”

In his acceptance speech, Njoroge said the award is dedicated to the youth of Africa that needs more openings for growth.

“I would, therefore, want to dedicate this award to the youth of Africa who obviously need a lot more opportunities and which our actions collectively will provide for their benefits,” said Njoroge.

He was also recognized for presiding over a period of consolidation within Kenya’s banking sector ‘that has helped to clean up the country’s banks and vastly improve oversight over the sector’.

“As a result, the sector has become increasingly well capitalised and flush with liquidity. The improvements are helping the expansion of Kenya’s domestic capital markets,” read the statement.

According to Global Capital, the process started with the Global Capital meeting that had applicants tell their stories over their company’s success in the last 12 months.

“Some 120 pitches were heard in total and all contained stories of excellence. An editorial panel then decided the winners of the awards,” reads part of the statement by Global Markets.

“As ever, we were looking for the stories of innovation, going the extra mile for clients and industry advocacy that have powered the improvement of the global derivatives markets,” it states.

The Global Markets Award is held every year during the World Bank/IMF meetings held in Washington DC where the World’s top policymakers are recognized.