NAIROBI, Kenya- The National Assembly has approved Gerald Nyaoma Arita’s appointment as the Second Deputy Governor of the Central Bank of Kenya (CBK).
The endorsement follows a glowing recommendation by the Finance Committee, which highlighted Arita’s extensive expertise and strategic vision for monetary policy.
President William Ruto’s nominee now faces Senate vetting, the final hurdle before assuming his new role.
With 36 years of service at the CBK, Arita brings unmatched institutional knowledge. Beginning his career in 1988 as a management trainee, the 60-year-old steadily climbed the ranks, most recently serving as Director of Supervision before his retirement last month.
During his vetting, Arita demonstrated a deep understanding of CBK’s core responsibilities, stating, “Lowering inflation, coupled with favorable weather conditions, will make basic food items more affordable, reducing household expenses.”
Suba South MP Caroli Omondi praised Arita’s credentials, noting, “His wealth of experience positions him as the perfect fit for this critical role.”
Arita faced pointed questions during his vetting, showcasing his readiness to tackle Kenya’s economic challenges.
Migori Senator Eddy Oketch inquired about addressing liquidity issues amid reduced government spending. Arita pledged to prioritize price stability and economic resilience, emphasizing a measured approach to monetary policy.
On cybersecurity, Mombasa Senator Mohammed Faki raised concerns over rising bank fraud cases. Arita proposed enhanced digital safeguards, promising tighter systems to protect customer funds.
Meanwhile, Kakamega Senator Bonnie Khalwale sought clarity on Arita’s working relationship with CBK Governor Kamau Thugge. Arita assured lawmakers of his collaborative spirit, citing a strong professional rapport with Thugge.
Beyond his professional achievements, Arita’s academic background adds another layer of credibility.
A graduate of the University of Cambridge with a Master of Philosophy in Economics, Arita was a Commonwealth Scholar. His estimated wealth of KES 169 million reflects his long-standing career and prudent financial management.
With Senate deliberations slated for January 29, 2025, Kenya is one step closer to filling a pivotal position in its central banking system.
