CENTRAL BANK OF KENYA
PUBLIC LECTURE IN HONOUR OF THE LATE PROF. FRANCIS MWEGA
Chandaria Auditorium, University of Nairobi
Tuesday, February 27, 2018
Introductory Remarks by
Dr. Patrick Njoroge, Governor, Central Bank of Kenya
As prepared for delivery
Good afternoon!
I am very pleased to welcome you all to this public lecture in honour of the late
Prof. Francis Mwega. Let me begin by thanking the Vice Chancellor of the University of
Nairobi, Prof. Peter Mbithi, for accepting to co-host this event with the Central Bank of
Kenya (CBK). Prof. Mwega taught economics at the University of Nairobi from January
1985, and indeed taught most of the current generation of economists in the country. He
also made a significant contribution to the economy through his research work.
I wish to express my gratitude to Prof. Benno Ndulu, the immediate former Governor of
the Bank of Tanzania and long term friend of Prof. Mwega, for accepting our invitation to
deliver the Keynote Address. I also want to thank Dr. Louis Kasekende, Deputy Governor
of the Bank of Uganda, and Prof. Wafula Masai from the School of Economics at the
University of Nairobi for accepting to provide the initial responses to the Keynote
Address.
This event has been organized to coincide with the first anniversary of the death of
Prof. Mwega, who served as a member of the CBK’s Monetary Policy Committee (MPC),
from May 1, 2011 to the time of his death on February 28, 2017. Prof. Mwega had
previously served as a member of the Monetary Policy Advisory Committee (MPAC) of
the CBK, the precursor to the MPC, from August 2005 to December 2007. Throughout his
distinguished career as a member of the MPC and MPAC, Prof. Mwega exemplified the
highest professionalism and distinctive humility. He was an invaluable resource to the
MPC as was shown by his candid contributions during meetings, and informative research
work on monetary policy issues. His publications on monetary policy transmission and
exchange rate misalignment have enhanced our understanding of how monetary policy
works. Despite his remarkable professional and academic achievements, he demonstrated
humility, patience and kindness in all his endeavors and was a mentor to many of the CBK
research staff.

In a tribute for this occasion, Prof. Victor Murinde of SOAS University of London
captures the lasting impression on many: “The late Francis was a personal friend and
research collaborator over so many years – we are all very proud of the indelible positive
impact he has had on research, policy and capacity building especially in the area of
monetary economics in Kenya. He was the best of the best”.
Ladies and gentlemen, I am happy to note that this public lecture has drawn a large
audience comprising of CEOs and other representatives of private sector institutions,
policy makers and other senior Government officials, the Deputy Governor of Bank of
South Sudan, Mr. Odera Innocent Ochan, Vice Chancellors and other senior staff from our
universities. I also wish to warmly welcome our development partners including the
World Bank and IMF, research institutions including the African Economic Research
Consortium (AERC) and KIPPRA, the CBK Board of Directors, and current and former
CBK Governors and MPC/MPAC members. I am equally pleased to welcome students
from various universities, the media, and other participants from the financial sector,
including the CBK staff. I also wish to acknowledge, in a special way, the presence of the
family of the late Prof. Mwega in this event. Thank you all for coming.
It is now my honour to introduce the Keynote Speaker Prof. Benno Ndulu, who served as
the Governor of the Bank of Tanzania from January 2008 to January 2018. He started his
career at the University of Dar es Salaam in the early 1980s before joining the World Bank
as a Lead Economist. He is best known for his involvement in setting up and developing
one of the most effective research and training networks in Africa, the AERC. He received
an honorary doctorate from the International Institute of Social Studies (ISS) in The
Hague in 1997 in recognition of his contributions to Capacity Building and Research on
Africa. Following his Ph.D. degree in economics from Northwestern University in
Evanston, Illinois, U.S.A., he taught economics and published widely on monetary policy
issues, growth, adjustment, governance and trade. More recently, Prof. Ndulu has coauthored a book titled Tanzania: The Path to Prosperity, published by Oxford University
Press. The book highlights the challenges of securing economic prosperity in Tanzania in
the coming decades. We in the Central Banking fraternity, also recognize Prof. Ndulu for
his key role in driving the regional integration initiatives, especially harmonization of
monetary, exchange rate and financial sector policies, within the auspices of the East
African Community.
Ladies and Gentlemen, allow me to invite Prof. Ndulu to deliver the Keynote Address
entitled “The Conduct of Monetary Policy in a Changing Policy Environment”. The
keynote presentation will be uploaded on the CBK and University of Nairobi websites,
after this event, for future reference.
Thank You!