NAIROBI, Kenya, Nov 28 – The National Assembly has approved Gerald Nyaoma Arita’s appointment as the Second Deputy Governor of the Central Bank of Kenya (CBK), endorsing the joint committee report recommending his suitability for the role.
The findings, tabled by Finance Committee Chair Kimani Kuria, highlighted Arita’s deep understanding of CBK’s mandate and monetary policies. Kuria stated, “The nominee exhibited a clear grasp of the issues facing the CBK and shared practical strategies to address them.”
Suba South MP Caroli Omondi, seconding the motion, praised Arita’s 36 years of experience at the CBK, noting it positions him as the ideal candidate to discharge the responsibilities of Deputy Governor.
President William Ruto’s nominee now awaits Senate approval before being sworn into the vacant post.
Extensive CBK Experience
Appearing before the joint committee co-chaired by Molo MP Kimani Kuria and Mandera Senator Ali Roba, Arita showcased his credentials, including a 36-year tenure at the CBK. Starting as a management trainee in 1988, the 60-year-old rose through the ranks, retiring last month as Director of Supervision.
Arita emphasized his readiness for the role, stating, “Lowering inflation alongside favorable weather conditions will reduce the cost of basic food items, allowing households to spend less on essentials.”
Addressing Concerns
During the vetting, Migori Senator Eddy Oketch questioned how Arita would address the financial liquidity crisis, given the government’s reduced spending. Arita reassured the committee of his commitment to ensuring price stability and economic resilience.
Kakamega Senator Bonnie Khalwale inquired about fostering a harmonious working relationship with CBK Governor Kamau Thugge, referencing past conflicts between previous CBK leaders. Arita expressed confidence in collaborating with Thugge, citing their positive professional history.
On financial security, Mombasa Senator Mohammed Faki raised concerns about rising cases of bank fraud. Arita proposed bolstering cybersecurity and tightening systems to safeguard customer funds.
Wealth and Qualifications
Arita, whose wealth is estimated at KES 169 million, has held various senior roles at the CBK, including Director of Financial Markets Development and Acting Director of Internal Audit. He holds a Master of Philosophy in Economics from the University of Cambridge, earned under a Commonwealth Scholarship.
The Senate is expected to deliberate on his nomination, with a mention date set for January 29, 2025.
Source: capitalfm
