Former Central Bank of Kenya (CBK) Governor Dr. Andrew Mulei has shared how a single economics question from the late President Mwai Kibaki during their first encounter in Washington DC helped establish mutual trust and confidence.

Speaking in an interview with the CBK on July 27, 2026, Mulei recounted that Kibaki, then Kenya’s governor at the World Bank, tested his grasp of economic concepts by asking him to explain how a supply curve is determined. Mulei’s clear and precise response impressed Kibaki, confirming his capability to contribute to Kenya’s economic management.

Early Career and Academic Journey

Mulei’s path to becoming CBK governor was marked by diverse experiences. He started in broadcasting at the BBC in London, where he reached audiences across East and Southern Africa in Kiswahili. Later, he pursued economics studies in Prague and the United States, attending George Washington University and Howard University.

His academic excellence led to roles with international organisations, including the International Monetary Fund (IMF) and the United Nations, where he worked as a technical assistant and trade policy adviser respectively. It was through these roles that he met influential Kenyan figures such as Duncan Ndegwa and Mwai Kibaki.

Insights on Kenya’s Coffee Earnings

During discussions with Ndegwa, Kenya’s governor at the IMF, Mulei advised on managing the country’s foreign exchange from coffee exports. He supported IMF guidance to hold export earnings in a designated account rather than injecting them immediately into the economy, to avoid inflationary pressures.

Return to Kenya and Leadership at CBK

Encouraged by Ndegwa, Mulei returned to Kenya to assist in shaping monetary policy under Kibaki’s presidency. He was tasked with studying Kenya’s monetary framework and providing strategic advice.

His appointment as CBK governor came unexpectedly, announced over the radio amid a period of economic turmoil marked by excessive government spending and donor demands for reform.

Strengthening the Central Bank

As governor, Mulei prioritized staff welfare and institutional cohesion. He emphasized that every employee’s role, from junior staff to directors, was vital for the bank’s success. He introduced clearer promotion pathways, improved salaries, and fostered a culture of respect and fairness.

Reflecting on his career, Mulei expressed pride in serving Kenya and highlighted how his international experiences deepened his appreciation for his home country. He credited predecessors like Duncan and Philip Ndegwa for mentoring him and underscored the importance of investing in people and sound policies for institutional success.