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AERC Appoints Incoming Executive Director - Kenya’s Former Central Bank Governor, Prof. Njuguna Ndung’u, to assume role September 1, 2018

26 April 2018, Nairobi, Kenya -- The Board of Directors and Management of the African Economic Research Consortium (AERC) are pleased to announce the appointment of Prof Njuguna Ndung’u as the next AERC Executive Director effective September 1, 2018.

Njuguna Ndung’u is well known to the AERC network as a trainer and researcher; having served as the AERC Director of Training in the period 2003-2007. Njuguna Ndung’u is coming back to the AERC family with a wealth of policy making experience to take this precious African success story to the next level of excellence.

Over the years, Njuguna Ndung’u has held a variety of policy, academic, and advisory positions. He is the immediate past Governor of the Central Bank of Kenya (CBK), where he successfully completed the full two 4-year terms, 2007-2015. His tenure saw the rapid rise of Kenya in the financial inclusion space with global recognition stemming from the pioneering and transformative M-Pesa”. 

Njuguna Ndung’u has been an Associate Professor of Economics, University of Nairobi, and faculty member of the School of Economics at the University of Nairobi, Kenya, since 1987. He has lectured in advanced economic theory and econometrics at the University and has published widely in international journals as well as chapters in various books on economic policy issues. He is a member of the Brookings Africa Growth Initiative (AGI) Distinguished Advisory Group; and was previously a member of the Committee of Ten (C10) comprising five Finance Ministers and five Central Bank Governors representing the five regions of Africa to provide a platform for policy response to the global financial crisis, led by the African Development Bank, Economic Commission for Africa and The African Union.

Njuguna Ndung’u has also been a member of the Advisory Committee of the Alliance for Financial Inclusion (AFI) and was its Chair in its formative years in 2009-2012. In connection with his role in financial inclusion, the outgoing AERC Executive Director, Prof Lemma Senbet, remarks, “Njuguna faced an unchartered regulatory territory with the advent of the pioneering M-Pesa, and he skillfully adopted an enabling regulatory environment. This has contributed significantly to Kenya currently being at the frontier of financial inclusion. On behalf of AERC and its vast network, I feel fortunate that someone of Njuguna’s caliber is taking over this demanding leadership of Pan African and global proportions”.

Further, Njuguna Ndung’u has previously served as a member of Global Advisory Council (GAC) of the World Economic Forum (WEF), Visiting Fellow of Practice at the Blavatnik School of Government, Oxford University (2015/16), Africa Regional Office of the International Development Research Centre (IDRC) of Canada, 2001-2003. He also served as a Principal Analyst and Head of Macro Economic and Econometrics Modelling Division of the Kenya Institute for Public Policy Research and Analysis, (KIPPRA) 1999 - 2001. He led a team to develop the Kenyan macro-model that has been in use for forecasting growth and fiscal stance since 2001. Prof Njuguna Ndung’u holds a Ph.D in Economics from the University of Gothenburg, Sweden.

Dr Louis Kasekende, Chair of AERC Board and Deputy Governor of Bank of Uganda, remarks, “Njuguna Ndung’u brings wide ranging experience spanning capacity building, knowledge generation, high level policy making, academia, and passion for Africa, to the challenging and complex job at AERC. On behalf of the Board and myself, I am thrilled that he emerged as the most qualified candidate based on a globally competitive search; a process that was conducted by a committee composed of the officers of the Board with the aid of an international search firm”.

Prof Njunguna Ndung’u will replace Prof Lemma Senbet who will be returning to the University of Maryland where he holds the William E. Mayer Chaired Professorship in Finance. Dr Louis Kasekende, Chair of the Board remarks,” Under the leadership of Lemma, AERC has solidified as a highly integrated capacity building and knowledge organization serving Africa. AERC has evolved into a credible partner in the development of Africa”.

MEDIA CONTACT

Mr. Charles Owino
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Editor’s Note:

The biography for Njuguna Ndung’u follows below:

  • Njuguna Ndung’u is the immediate former Governor of the Central Bank of Kenya (CBK), where he served for two 4-year terms as required by law, from 2007 to 2015. 
  • Prior to his appointment as the Governor of CBK, Njuguna Ndung’u was the Director of Training, African Economic Research Consortium, (AERC), 2003 - 2007. 
  • Currently, he is a member of the Brookings Africa Growth Initiative (AGI) Distinguished Advisory Group; a Member of the Advisory Committee of the Alliance for Financial Inclusion (AFI) and was its Chair in its formative years in 2009-2012; and a Senior Advisor for the UNCDF-based Better Than Cash Alliance. 
  • Over the years, Njuguna Ndung’u has held a variety of policy, academic, and advisory positions as indicated below:
  • Associate Professor of Economics, University of Nairobi, and faculty member of the School of Economics at the University of Nairobi, Kenya, since 1987. He has lectured in advanced economic theory and econometrics at the University and has published widely in international journals as well as chapters in various books on economic policy issues. 
  • Member of the Committee of Ten (C10) comprising of five Finance Ministers and five Central Bank Governors representing the five regions of Africa to provide a platform for policy response to global financial crisis, led by the African Development Bank, Economic Commission for Africa and The African Union.
  • A member of Global Advisory Council (GAC) of the World Economic Forum 
  • Visiting Fellow of Practice at the Blavatnik School of Government, Oxford University, 2015/2016.
  • Africa Regional Office of the International Development Research Centre (IDRC) of Canada, 2001-2003. 

 

 

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