This archive report was first published on 24 October 2021.
As of 2021, the Kenya School of Monetary Studies (KSMS) had been without a functional Board of Directors for six years, sparking concerns over governance and internal controls.
The dissolution of KSMS was gazetted on April 24, 2020, but by June 30, 2021, the process had not been completed, according to the Auditor-General's report.
Speaking on the matter, Auditor-General Nancy Gathungu emphasized the need for the Central Bank of Kenya (CBK) to expedite the dissolution process, stating, 'Consequently, it is critical that CBK Management follows up and expedites the conclusion of the dissolution process.'
Furthermore, the CBK has been criticized for failing to appoint a second Deputy Governor, as required by the CBK Act Cap 491 Section 13B(1). The law mandates the appointment of two Deputy Governors, who must be approved by Parliament.
Additionally, the CBK has been found to have only four Non-Executive Directors, whereas the law requires eight. The current Non-Executive Directors are Ravi Ruparel, Nelius Kariuki, Samson Cherutich, and Rachel Dzombo.
