Dr. Susan Jemutai Koech is the new CBK Deputy Governor after emerging the favourite amongst ten other candidates who had been shortlisted for the position. President Ruto Ruto nominated Koech to the role in February.
Following her appointment, the National Assembly Finance and Planning Committee vetted and approved her.
“I attribute my career progress over the years, to God’s grace, strong support system from my family, hard work, strong intrapersonal and interpersonal skills, and ability to deliver results through people,” she stated during her vetting.
Susan now becomes the second female deputy governor of CBK. Mrs. Sheila M’Mbijjewe was the first female deputy governor after being appointed to the state bank in June 19, 2015. She was reappointed for a second term in June 2019.
Career
Dr. Koech began life in the civil service as Principal Secretary in the State Department for Wildlife in 2018. She went on to serve as a Principal Secretary in the ministry of East African Community (EAC), Arid and Semi-Arid Lands (ASALs), and regional development.
She describes herself as an ‘anticipatory leader, reflective and self-critical’. The new CBK Deputy Governor states that during her time in the State Department for Wildlife, she pushed for financial sustainability for the Kenya Wildlife Service (KWS).
During her vetting for the CBK role, she told lawmakers that the current interbank foreign exchange market had collapsed and that her vision is to put in place a functional and vibrant interbank forex market, bring down the cost of credit and oversee the acquisition and mergers of banks.
“I want to see a functional and vibrant interbank forex market. Right now, it is not working,” Dr. Koech said during her approval hearings.
She also added that she would seek to bring back the interest rate cap to lower the cost of credit.
“To manage frauds in the banking sector, when a bank is coming up with a new product, before approval of any bank product, all the risk parameters need to be looked at,” she said.
Dr. Koech is a career banker who swapped quiet bank halls for noisy public halls that often comes with ‘mudslinging’ and brushing shoulders with politicians.
Her career was almost brought to a halt after she was charged with corruption over controversial tenders issued for the construction of the Kimwarer and Arror dams projects.
She was, however, turned State witness alongside former Treasury Principal Secretary Kamau Thugge in the prosecution of former Treasury Cabinet Secretary Henry Rotich.
Education
Dr. Koech holds a doctorate in business administration from Moi University.
