njuguna ndung ’ u : implementing reforms in kenya remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the 15th east afritac steering committee meeting, naivasha, 8 april 2013. * * * members of the east afritac steering committee here present ; mr. xavier maret, the east afritac centre coordinator ; mr. ragnar gudmundsson, imf resident representative to kenya ; east afritac advisors and consultants ; distinguished ladies and gentlemen : it is my pleasure to officially open the 15th east afritac steering committee meeting. on behalf of the government of kenya, i take this opportunity to welcome you all to kenya. in particular, i would like to welcome you to naivasha, one of our leading horticultural producing regions and a tourist destination at the heart of the great rift valley. i know that we have some good work cut out for us in the next one and a half days but at the same time i would like to encourage all of you and especially those visiting the region for the first time, to find time to sample our beautiful tourist attractions in naivasha before you depart. naivasha is also the home town of the roses that are cherished in europe and the town is also located in the precincts of the panoramic landscapes of the great rift valley which you must have enjoyed as you descended the escarpment on your way to this resort. ladies and gentlemen some of you may be wondering why i am opening the 15th east afritac steering committee meeting this evening instead of tomorrow, 9th april 2013 as had been indicated in the programme. it is for a good reason because on the 9th of april we will be witnessing the culmination of a process that started way back in 2010 when we promulgated our new constitution. the kenyan constitution 2010 brought in new governance structures and processes including the way we conduct elections and procedures for transfer of political power. this is why we had to adjust the programme to allow my participation during the inauguration of the fourth president of the republic of kenya on tuesday, 9th april 2013. given the critical importance of this meeting, we thought it should proceed as planned. ladies and gentlemen let me now turn to the subject matter of our meeting and in this regard, i would like to first and foremost express our sincere gratitude to east afritac for the support that we have received over the years. through this support, we have

’ s goals are, how the central bank thinks the economy works and how it is likely to respond to various economic circumstances. our new website has been designed to enhance communication with the financial and other markets by providing accurate and timely information. the feedback mechanism demonstrated today will serve to ensure that the bank stays in touch with public expectations and is responsive to the needs of the market and the general public. the new site also has a chart tool that will assist researchers and students analyze time series and other information available on the website to track policy and economic performance. we believe that our website should not only be a communication tool but also a resource that adds value to those who visit it. we encourage our website visitors to utilize these tools. ladies & gentlemen, our communication with the public has to be simple, clear and credible. the sole use of english in our communication has, unfortunately, disenfranchised a good number of kenyans who only speak and understand kiswahili. the critical challenge we face is in developing a communication infrastructure and strategy that will effectively communicate to a wide audience. the development of a kiswahili version on our new website is a first step towards ensuring that the bank is responsive to the demands of a target audience that dominantly speaks the national language. on the strength of this initiative, the bank will consider publishing sections of the weekly bulletin and monthly economic review in kiswahili. we will also continue to publish exhaustive analyses and commentaries on our website and offer assessments regarding future economic developments. the bank also recognizes the critical role that the media plays in educating the public on financial and economic issues. our new website has dedicated a link for media houses to access information that will facilitate their role. it is encouraging to note that some media houses have published staff commentaries and analyses carried on our website. this collaboration will ensure that the public receives information that is complete and correct. in conclusion, let me observe that in uncertain economic times, communication is not only an instrument, it is also an asset valued by the public. the central bank, the media and other institutions have an obligation to communicate effectively while being aware of the adverse effects that misinformation can have on financial market participants, households and businesses. we have positioned our website as the primary tool for central bank communication and encourage members of the public to visit it and give us their feedback. on our part, we shall strive to constantly enhance our communication infrastructure to meet the demands of our target audience. with these