Recently, members of the Kenya Kwanza camp including senior MPs accused the Central Bank governor of blocking or appearing to go against Ruto's economic plans. The question that arises here is; Does the CBK answer or report to anyone?
"The Central Bank of Kenya shall continue with policies it has always had regardless of change of administration. Good central banks make decisions basing on existing data and not political expedience," these were the words for CBK Governor Patrick Njoroge a few weeks after Ruto's swearing in.
Photo: Article 231 (3 ) excerpt of the 2010 Constitution
According to existing laws, the Central Bank of Kenya is and does not answer or report to the Executive of the day or nay other authority. According to Article 231 of the 2010 Kenyan constitution, the CBK cannot be under the direction or control of any person or authority in exercise of its powers or performance of its functions.
This gives the CBK supreme independence vesting its powers to the governor and the Monetary Policy Committee. This explains why president William Ruto cannot control the CBK.
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