Parliament has officially approved the appointment of Gerald Arita Nyaoma as the Deputy Governor of the Central Bank of Kenya (CBK), following a thorough vetting process.
The approval, which was granted by both the National Assembly and the Senate, marks a significant step in strengthening the country’s financial leadership.
President William Ruto had nominated Nyaoma for the position, and the appointment was confirmed after a joint session of the National Assembly’s Finance and Planning Committee and the Senate’s Budget and Finance Committee.
Nyaoma underwent a rigorous vetting session on November 25,2024, where he presented his qualifications, expertise, and vision for the future of Kenya’s monetary policy.
Nyaoma, an economist with extensive experience in banking and finance, is set to play a crucial role in shaping the country’s monetary policy, managing financial stability, and overseeing the operations of the central bank.
His background includes a degree in Economics and a career spanning both the public and private sectors, with a strong focus on financial governance, economic policy formulation, and banking reforms.
During the vetting, Nyaoma addressed various concerns raised by lawmakers regarding inflation control, financial inclusion, and the integration of digital banking solutions into Kenya’s financial infrastructure.
He also highlighted his strategies for managing the country’s foreign exchange reserves and navigating the challenges posed by Kenya’s growing national debt.
Lawmakers expressed confidence in Nyaoma’s qualifications and his ability to effectively collaborate with CBK Governor Kamau Thugge.
His commitment to teamwork, transparency, and sound decision-making was emphasized during the hearing, further solidifying his suitability for the high-profile role.
With his approval, Nyaoma is now set to join the Central Bank of Kenya, where he will work alongside the Governor in overseeing the country’s monetary policy, ensuring financial stability, and enhancing Kenya’s economic resilience.
His appointment is expected to contribute significantly to the continued growth and stability of the Kenyan economy.
