Kenya: Andrew Musangi, Nominee for CBK Chairperson, Aims to Enhance CBK Oversight

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Andrew Musangi, the nominee for the Chairperson of the Central Bank of Kenya (CBK), has emphasized the need for increased oversight and scrutiny of the CBK, especially concerning Appropriation in Aid (A-I-A) funds.

A-I-A funds are collected by state agencies and parastatals to finance their operations and are not sourced from the National Treasury, making them less subject to oversight.

During his vetting before the Joint Committee on Finance of the National Assembly and the Senate, Musangi advocated for closer scrutiny of A-I-A funds to enhance transparency within the CBK.

He highlighted that individual institutions benefiting from A-I-A funds are overseen by Parliament, raising the question of why the CBK should not be subjected to a similar level of scrutiny.

Musangi also called for the strengthening of the Special Bank Investigating Unit (SPIU) and General Bank Supervision (GSU) to expedite investigations into fraudulent banking activities, including withdrawals and money laundering, which can currently take months to resolve.

Regarding the ongoing dollar shortage that has weakened the Kenyan shilling, Musangi suggested implementing permanent structural policies to alleviate the situation. He stressed that the CBK’s role in maintaining monetary and currency stability is crucial for overall economic stability.

Musangi expressed confidence in the sustainability of Kenya’s debt, noting that planned fiscal consolidation will help address debt vulnerabilities exacerbated by internal and external factors. He underscored the importance of creating investor-friendly policies and ensuring a stable tax environment to bolster the nation’s economic resilience.

Musangi also clarified his political stance, stating that he resigned from his role as National Elections Board Chairperson at the end of his tenure and has not actively participated in politics since. He presented a clearance letter from the registrar of political parties and affirmed that he is not a member of any political party.

With a reported net worth of KSh1.2 billion, Musangi brings a wealth of experience to the CBK, having worked extensively with financial institutions and demonstrated his commitment to transparency and governance.

If approved, Musangi will succeed Mohammed Nyaoga as the Chairperson of the CBK, overseeing the institution’s policies and functions.

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