Gerald Arita Nyaoma, President William Ruto’s nominee for the position of Deputy Governor of the Central Bank of Kenya (CBK), on Monday appeared before a joint session of the National Assembly’s Finance and Planning Committee and the Senate’s Budget and Finance Committee.
The session, held at County Hall in Nairobi, was chaired by MP Kimani Kuria and Senator Ali Roba marking a significant step in Nyaoma’s vetting process.
The hearing was part of the constitutional procedure to assess Nyaoma’s qualifications and suitability for the high-profile role.
As Deputy Governor, Nyaoma would play a critical part in shaping the country’s monetary policy, managing Kenya’s financial stability, and overseeing the operations of the central bank, including currency regulation and economic analysis.
Gerald Arita Nyaoma, an economist with extensive experience in banking and finance, presented his credentials and vision for CBK.
He holds a degree in Economics and has worked in both the public and private sectors, with particular expertise in financial governance, economic policy formulation, and banking reforms.
His experience spans advisory roles in various financial institutions, and his career is marked by a focus on promoting sound monetary policy and enhancing the resilience of financial systems.
During the vetting process, Nyaoma spoke about his broad experience in economic policy-making, including his work on projects that have contributed to Kenya’s financial growth and regulatory reforms.
Lawmakers were keen to understand his approach to key issues such as inflation control, financial inclusion, and the integration of digital banking solutions into Kenya’s financial infrastructure.
The joint parliamentary committees probed Nyaoma on several important matters related to CBK’s role in managing Kenya’s economy.
Senators and Members of Parliament questioned Nyaoma on his strategies for stabilizing inflation, managing the country’s foreign exchange reserves, and navigating Kenya’s growing national debt.
They also asked about his understanding of CBK’s regulatory role, especially in overseeing the banking sector and ensuring the stability of the financial system in the face of global economic uncertainties.
Another area of focus was Nyaoma’s vision for digital finance and how CBK can support the country’s growing digital economy, including mobile banking and digital payment systems.
Lawmakers also sought clarification on his stance regarding the central bank’s relationship with the commercial banking sector, as well as his plans to address challenges in the banking system, such as non-performing loans and financial inclusion.
Additionally, Nyaoma was asked how he would work alongside the current CBK Governor, Kamau Thuggei , ensuring that their leadership would be aligned in managing Kenya’s monetary policies effectively.
Nyaoma assured the committee that he was committed to a collaborative approach, emphasizing teamwork and transparency in decision-making to ensure the continued growth and stability of the Kenyan economy.
While Nyaoma’s credentials were well-regarded, some lawmakers expressed the need for clarity on how he would address specific challenges facing the central bank.
In particular, there were concerns about the ongoing impact of inflation and external economic pressures on Kenya’s financial stability.
However, many senators and MPs also highlighted Nyaoma’s strong track record in finance and his potential to bring fresh ideas to CBK.
Nyaoma’s nomination is expected to proceed to a vote in both the National Assembly and Senate following the completion of the vetting process.
If confirmed, Nyaoma would assume his position as Deputy Governor of CBK, where he would work alongside the Governor to ensure the effective implementation of Kenya’s monetary policies.
The outcome of the vetting session will be closely watched, as it will influence the direction of Kenya’s central banking policies in the coming years.
The committees are set to deliberate on the nominee’s performance and will provide a report to both houses of Parliament for further consideration.
 Gerald Arita Nyaoma underwent vetting on Monday before a joint session of the National Assembly's Finance and Planning Committee and the Senate's Budget and Finance Committee.){kind=link}