Njuguna Ndung'u

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Njuguna Ndung'u
2.1- Africa and the triple crisis Q&A (10035294984) (cropped).jpg
Born1960 (age 62–63)
Alma materUniversity of Nairobi
(Bachelor of Arts in Economics)
(Master of Arts in Economics)
University of Gothenburg
(Doctor of Philosophy in Economics)
Occupation(s)Economist and academician
Years active1985 to Present
TitleProfessor of Economics
University of Nairobi
ChildrenStephen Ndung'u, Ian Ndung'u and Brenda Ndung'u

Njuguna S. Ndung'u is a Kenyan economist who is the Minister of Finance in the cabinet of President William Samoei Ruto since October 2022.[1]

Ndung'u previously served as the eighth Governor of the Central Bank of Kenya for two consecutive four-year terms, from March 2007 until March 2015.[2]

Early life and education[edit]

Ndung'u was born in Kandara, Murang'a county in Kenya in 1960.[3] He studied economics at the University of Nairobi, earning both a Bachelor of Arts in Economics and a Master of Arts in Economics from the university. His Doctor of Philosophy, also in economics, was obtained from the University of Gothenburg in Sweden.[4]


Career in academia[edit]

Before his appointment as Governor of the Central Bank of Kenya, Ndung'u was the director of training at the African Economic Research Consortium (AERC). He lectured in advanced economic theory and econometrics at the University of Nairobi, where he was an associate professor of economics. He also worked as a regional programme specialist for the Eastern and Southern Africa Regional Office, Nairobi, of the International Development Research Centre, Canada; and at the Kenya Institute for Public Policy Research and Analysis as a principal analyst/researcher and head of the Macroeconomic and Economic Modelling Division.[5]

Ndung'u conducted extensive research and teaching work in various fields of economics, including macroeconomics, microeconomics, econometrics, and poverty reduction. He published in international journals as well as chapters in various books on economic policy issues, inflation, interest rate and exchange rate issues, financial management, public sector growth, external debt, financial liberalization in Anglophone Africa, structural adjustment, as well as on employment and labour market issues.[5]

Return to academia[edit]

In 2018, Ndung’u re-joined the AERC, this time as executive director.[6] In 2019, he served on the advisory board of the annual Human Development Report of the United Nations Development Programme (UNDP), co-chaired by Thomas Piketty and Tharman Shanmugaratnam.[7]

Other activities[edit]

See also[edit]

Succession table[edit]

Preceded by
Andrew Mullei
2003 - 2007
Governor of Central Bank of Kenya
2007 – 2015
Succeeded by
Patrick Ngugi Njoroge
2015 - Present


  1. ^ George Obulutsa and Duncan Miriri (27 September 2022), Ex-central bank chief named Kenyan finance minister amid rising inflation Reuters.
  2. ^ Herbling, David (1 March 2015). "Ndung'u Tenure As CBK Governor Ends Tuesday". Business Daily Africa. Nairobi. Retrieved 19 June 2015.
  3. ^ "Profile: Kenya's Central Banker Governor Njuguna Ndung'u". Reuters. Reuters. 19 June 2012. Retrieved 8 November 2016.
  4. ^ The EastAfrican (20 November 2011). "Is It time for Professor Ndung'u To Celebrate As The Shilling Edges Up?". The EastAfrican. Nairobi. Retrieved 21 October 2014.
  5. ^ a b WEF (8 November 2016). "Njuguna S. Ndung'u :Governor of the Central Bank of Kenya (2007-2015)". World Economic Forum (WEF). Retrieved 8 November 2016.
  6. ^ Management Staff African Economic Research Consortium (AERC).
  7. ^ 2019 Human Development Report Advisory Board Members United Nations Development Programme (UNDP).
  8. ^ Governing Council East African Development Bank (EADB).
  9. ^ Members International Monetary Fund (IMF).

External links[edit]