Kenya’s Central Bank Governor Kamau Thugge Awarded Top Global Finance Honor

By Samuel Ouma

The Governor of the Central Bank of Kenya (CBK), Dr. Kamau Thugge, has received global recognition after being awarded an ‘A’ grade by Global Finance magazine for his leadership in monetary policy and economic management.

The coveted grade, awarded on a scale from “A+” to “F,” measures central bankers’ success in critical areas such as inflation control, currency stability, interest rate management, economic growth goals, and political independence.

Dr. Thugge was earlier named Central Bank Governor of the Year by African Banker magazine in May 2024, further cementing his reputation as a leading economic steward.

Joseph Giarraputo, founder and editorial director of Global Finance, praised Thugge and his peers for navigating unprecedented challenges.

“Most central bankers have spent the past few years battling inflation with their most effective tool: higher interest rates, though their mandates may differ from country to country. As inflation recedes, we’re beginning to see the results of those tough policy decisions,” Giarraputo noted.

 “Our annual Central Banker Report Cards recognize those leaders who have not only delivered results but done so with independence, discipline, and strategic foresight,” he added.

Responding to the honor, Dr. Thugge credited the CBK team for its resilience.

“This grade is a recognition of the hard work done by the team at the Central Bank of Kenya. In the past two years, we have had to take tough decisions in order to rein in inflation and manage the exchange rate. We are proud that these efforts have borne fruit. Inflation has remained below target, the shilling has been stable against major currencies, and interest rates on treasury bills have come down. The revised Risk Based Credit Pricing Model has also enhanced transparency in lending and strengthened policy transmission.”

The recognition places Thugge among an elite group of central bankers worldwide, including Jerome Powell of the U.S. Federal Reserve and counterparts from Denmark, Vietnam, Indonesia, Chile, and Morocco.

The awards will be formally presented during the IMF/World Bank Annual Meetings in Washington, D.C., this October.