Dr. Patrick Njoroge has been named the central bank governor of the year for sub-Saharan Africa in the 2019 global markets award.
This is the second time Dr. Njoroge is winning the award, with the first coming in 2016, reinforcing his high standing among Central Bank governors in Africa.
Let us have a critical analysis of his tenure on the areas he has been awarded on in managing the mergers and acquisitions we have witnessed in the banking sector.
Is the banking sector as we know of it now under Governor Patrick Njoroge over-regulated and has he done enough to address concerns of whether the economy is over-banked or not?
The governor has also seen the demonetization drive which was termed a success by achieving a 97% conversion rate.
If we look at the reasons why we demonetized the old currency, could we say it was a success if we look at the reports of account flagging released during this period?
The economy spent KSh 15bn for the exercise where results indicated a loss of KSh7.3bn, shouldn’t have the success rate been him locking more money out?
The monetary policy committee under his watch has kept the basic lending rate at 9% for a long time. Is it correct to say that this has been guided by the existence of the cap rate laws, which have tied him to a specific rate despite inflation, being at an all-time low?
