CBK Governor Patrick Njoroge takes home the Global Markets Award.

The Central Bank of Kenya governor, Patrick Njoroge, has been called out as the best best governor in Sub Saharan Africa during the 2019 Global Markets Award which was held on the sidelines of World Bank/IMF meetings in Washington DC.

In the annual event, the CBK Boss was awarded for the success of demonetization of the old Ksh 1000 notes without injuring the country’s economy. The process of eradicating the old 1000 notes began in June and ended on the 1st of October 2019. Patrick said that the phase out was in a bid to tame illicit financial flow, terrorism financing and money laundering.

The Global Markets award comes three months after His Excellency Uhuru Kenyatta prolonged Njoroge’s term as the CBK Governor for four more years.

In his acceptance speech, Patrick Njoroge dedicated the award to the Youth of Africa whom he said need more growth openings.

“I would, therefore, want to dedicate this award to the youth of Africa who obviously need a lot more opportunities and which our actions collectively will provide for their benefits,” said Njoroge.

In 2016, the Kenya’s governor won the award for the first time for controlling inflation and straightening out Kenya’s banking sector.

Nigeria’s CBK Governor, Godwin Emefiele took the award in 2018 for coming up with long term solutions to curb inflation, promoting economic stability, boosting investor confidence and promoting inward capital inflows.

The Global Markets award ceremony began by giving applicants a forum to present their company’s achievements in the past one year.

“Some 120 pitches were heard in total and all contained stories of excellence. An editorial panel then decided the winners of the awards.  As ever, we were looking for the stories of innovation, going the extra mile for clients and industry advocacy that have powered the improvement of the global derivatives markets,” states part of the statement by Global Markets.

Since his appointment in June 19 2015, Njoroge has managed to ensure that the shilling has remained steady averaging Sh.101.97 to the US dollar during his time in office while inflation has been confined to rates recommended by the government and international institution. He has also managed to allocate the first green bond which raised Sh4.3 billion to build environmentally-friendly student accommodation.