Njuguna S. Ndung'u

Executive Director, African Economic Research Consortium

Prof. Njuguna Ndung’u, an Associate Professor of economics at the University of Nairobi, Kenya, has been the Governor of the Central Bank of Kenya from March 2007 to March 2015, having completed the two terms of 4 years each as set by the law. He has become the first Governor in Kenya to complete two terms since the law was put in place in 1982. Prior to this appointment as Governor, he was the Director of Training at the African Economic Research Consortium (AERC), a capacity building network in Africa in economic policy and analytical capacity. He has taught economics at the University of Nairobi, has worked with the International Development Research Centre (IDRC) and at the Kenya Institute of Public Policy Research and Analysis (KIPPRA), a government think-tank as a Principal Researcher. This is where he led the team to develop a macro model for Kenya in 2001 and it has been used as a training tool by most countries in eastern and southern African Region. He has been a member of various regulatory boards in the financial sector in Kenya. He has been a member of the National Economic and Social Council (NESC), an advisory committee for the government and in the Kenya’s Vision 2030 Delivery Secretariat. He was the founding chair of the Steering Committee of the Alliance for Financial Inclusion (AFI) based in Bangkok, Thailand from 2009 till Sept 2012, it was formed in 2009 to promote financial inclusion in Africa, Asia and Latin America. He has also chaired of the African Mobile Phone Financial Services Policy Initiative (AMPI), a sub-network of AFI that promotes financial inclusion in Africa via the mobile phone financial services. He has been a member of the Committee of Ten (C10) comprised of five African Finance Ministers and five Central Bank Governors representing the 5 regions of Africa. This Committee, formed during the global financial crisis, was mandated to look into ways of mitigating the crisis through appropriate policy response; communicating and coordinating Africa’s response and required global reforms especially in the world’s financial architecture. He is a researcher and trainer in various fields of economics. He has published in journals and chapters in volumes on inflation, exchange rate, economic growth and poverty reduction. He holds a PhD in economics from Gothenburg University, Sweden, a Bachelors and Masters of Arts in Economics from the University of Nairobi and is an Associate Professor of Economics from the University of Nairobi. In recognition of his role in national economic development, His Excellency the President of the Republic of Kenya conferred the Award of First Class of Chief of the Order of the Burning Spear (CBS) on Prof. Ndung’u in 2009.

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