The National Assembly has formally approved the appointment of Gerald Nyaoma Arita as the Second Deputy Governor of the Central Bank of Kenya (CBK), following a recommendation from the joint committee overseeing his nomination.
The report, presented by Finance Committee Chair Kimani Kuria, endorsed Arita’s vast experience and suitability for the role.
In his presentation to the Assembly, Kuria emphasized Arita’s deep understanding of the CBK’s mandate and monetary policies.
“The nominee exhibited a clear grasp of the issues facing the CBK and shared practical strategies to address them,” Kuria stated, underscoring Arita’s readiness to contribute to the institution’s leadership.
A Stellar Career at CBK
Arita, who was nominated by President William Ruto, now awaits Senate approval before taking office.
His extensive background at the CBK, spanning 36 years, positions him as an ideal candidate for the post. Starting his career as a management trainee in 1988, Arita quickly rose through the ranks, retiring last month as the Director of Supervision.
His long tenure and hands-on experience with the bank’s operations have earned him widespread praise. Suba South MP Caroli Omondi, who seconded the motion, noted, “Arita’s experience at the CBK positions him as the right person to discharge the duties of Deputy Governor effectively.”
During his appearance before the joint committee, which was co-chaired by Molo MP Kimani Kuria and Mandera Senator Ali Roba, Arita showcased his vision for the role, highlighting his commitment to improving Kenya’s economic stability. “Lowering inflation, alongside favorable weather conditions, will reduce the cost of basic food items, allowing households to spend less on essentials,” he explained.
Addressing Key Concerns
As part of the vetting process, several legislators raised important questions regarding Arita’s approach to ongoing economic challenges.
Migori Senator Eddy Oketch inquired about Arita’s plan to address the financial liquidity crisis, particularly in light of the government’s reduced spending.
Arita reassured the committee, stressing his focus on price stability and economic resilience to maintain a balanced financial ecosystem.
