National Treasury Cabinet Secretary Prof. Njuguna Ndung’u is a man with a huge task in President William Ruto‘s government – he is tasked with driving the country’s fiscal policy.
Prof. Ndung’u, an economist, served as Central Bank of Kenya (CBK) Governor for eight years. However, his stint at the CBK was without low moments. He was once ranked as the least performing Central Bank Governor in Africa’s emerging and frontier markets.
Born in Kandara, Murang’a County in the 1960, Ndung’u pursued Economics at the University of Nairobi.
He later earned both his bachelor’s degree and a Master of Arts in Economics from the same institution.
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Furthering his studies, he did his Doctor of Philosophy (PhD) in Economics at the University of Gothenburg in Sweden.
Before becoming the Governor of the Central Bank of Kenya, Njuguna had a diverse background.
He served as the director of training at the African Economic Research Consortium, an organization that helps shape economic policies in Sub-Saharan Africa.
Prior to his role at the Central Bank, he taught advanced Economics theory and Econometrics at the University of Nairobi.
He also worked as a regional program specialist for the Eastern and Southern Africa Regional Office.
Njuguna’s experience includes positions at the International Development Research Centre and the Kenya Institute of Public Policy Research and Analysis (KIPPRA).
At KIPPRA, he led a team in creating a macro model for Kenya in 2001, now used as a training tool in many countries in Eastern and Southern Africa.
He is involved in various advisory roles, such as being a Member of the Brookings Africa Growth Initiative and the Alliance for Financial Inclusion.
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Additionally, he serves as a Senior Advisor for the United Nations Capital Development Fund.
Beyond economics, Njuguna has conducted research on poverty reduction and played a key role in developing the KIPPRA-Treasury MacroModel.
During his vetting, Njuguna Ndung’u disclosed that his net worth was at Ksh950 million.
He divulged that most of his wealth came from financial investments and his salary from the Africa Economic Research Consortium.
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