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The terms of references of the Advisory Board of the School of Economics include:

  1. Setting operational policies specific to research and training in Economics
  2. Ensuring that the School’s academic policies are in conformity with university wide policies and keep abreast with their evolution
  3. Shaping the School’s strategic direction
  4. Fund raising for the school.
  5. Facilitation of greater collaboration between the School, private organizations and the public institutions especially the main beneficiaries of the School’s products- the Central Bank, and Ministries of State for Planning and Vision 2030 and for Finance.


Membership to the Advisory Board comprises:

  • Two representatives from collaborative institutions
  • The Permanent Secretary, Ministry of State for Finance (MoF)
  • The Permanent Secretary, Ministry of State for Planning, National Development and Vision 2030 (MoPND & Vision 2030)
  • Two representatives from the private sector
  • Two eminent international scholars
  • One scholar from the University of Nairobi
  • Director, School of Economics  (Secretary to the Board)


The current members are:


Habil Okunda Olaka (Current Chairman)

Mr. Olaka is the Chief Executive Officer of the Kenya Bankers Association, an appointment he took up with effect from 4 October 2010. He is responsible for the strategic direction of the Association under guidance from the Governing Council, the governing body of the Association. Previously he was the Director of Operations of the East African Development Bank (EADB), member of senior management team in charge of the credit operations of the Bank. He was previously the Resident Manager of the East African Development Bank in Kenya in charge of the Bank’s operations in Kenya, a position he held for 3 years.

He was previously the Manager in charge of the Risk Management and Control Unit (RMCU) at the East African Development Bank (EADB) for 2 years, a position he was appointed to after having served the Bank as the Chief Internal Auditor for 5 years. Before joining the Bank he had been with Banque Indosuez (now Bank of Africa) for 4 years as the Internal Auditor having started his career at the Price Waterhouse Coopers, Nairobi.

While at the EADB, he sat on the Advisory Board of the Business Partners International (K) SME Fund.

He holds a First Class Honours BSc degree in Electrical Engineering from the University of Nairobi and an MBA in Finance from the Manchester Business School in the UK. He is a member of the Institute of the CPA of Kenya and the CFA Institute. an alumnus of the Strathmore School of Accountancy. He has a good command of the French language.

He sits on a number of boards of directors representing the Kenya Bankers Association i.e. Higher Education Loans Board, where he chairs the Audit & Governance Board Committee, the Kenya School of Monetary Studies, Federation of Kenya Employers, Auctioneers Licencing Board, and the Pan-EAC Financial Service Providers Council for which he is the Chairman.

He is a golfing member of the Karen Country Club-Nairobi, Royal Nairobi Golf Club and the Uganda Golf Club, Kampala.


Professor Victor Murinde

Professor Victor Murinde is  Director of the African Development Institute at the African Development Bank. Prior to joining the Bank, he was a Professor of Development Finance at the University of Birmingham in the UK for 15 years.

His broad research includes analyses of financial institutions and markets; and corporate finance and investments. An accomplished scholar, Prof. Murinde has published over 100 contributions to the economics and finance literature, including 12 books and many articles in top rated journals. Drawing from his research and publications, he worked as a consultant to many international organisations, including the World Bank, the African Development Bank, the UN, UNCTAD, and the Commission of the European Union.


Dr. Wolfgang Fengler

Dr. Wolfgang Fengler is the World Bank’s Lead Economist in the Nairobi office of the World Bank where he covers Kenya, Rwanda, andEritrea. A native German, Wolfgang has been a staff member of the World Bank for over 13 years, during which he lived in three continents: First in America working at the World Bank’s headquarters in Washington DC, then in Asia as a Senior Economist in the Indonesia office and now in Kenya, which hosts the World Bank’s largest office in Africa. Wolfgang published extensively on social and economic issues. He coauthored “Delivering Aid Differently” (with HomiKharas, Brookings) and “Africa’s growth” (with ShnataDevarajan, Foreign Affairs). Since August 2011, he also co-hosts the “Economic for Everyone – Development Discourse…” column in the Saturday Nation. Prior to joining the World Bank, he set up Africa Consulting, LLC, and was a Fellow at the Research Institute for International Relations.  Wolfgang gained a PhD from the University of Hamburg (Germany).

He loves travelling and sports, especially football, and was the Football commissioner at the International School of Kenya where he was setting up large scale football tournaments for kids.

He is married to Petra Fengler and has three children.


Prof. Njuguna Ndung'u 

Prof. Ndung’u is the Governor of the Central Bank of Kenya since March 2007. Prior to this appointment, he was the Director of Training at the African Economic Research Consortium (AERC). He has taught economics at the University of Nairobi, has worked with the International Development Research Centre (IDRC) and at the Kenya Institute of Public Policy Research and Analysis (KIPPRA). A member of various boards in the financial sector and in the Vision 2030 Delivery Secretariat, the Governor was also the chair of the Steering Committee of the Alliance for Financial Inclusion (AFI) based in Bangkok, Thailand from 2009 till Sept 2012. He is now the Chair of the newly launched African Mobile Phone Financial Services Policy Initiative (AMPI), a sub-network of AFI.

The Governor is a member of the Committee of Ten (C10) comprised of five African Finance Ministers and five Central Bank Governors representing the 5 regions of Africa. This Committee, formed during the global financial crisis, was mandated to look into ways of mitigating the crisis through appropriate policy response; communicating and coordinating Africa’s response and required global reforms especially in the world’s financial architecture.

Prof. Ndung’u is a researcher and trainer in various fields of economics.  He has published widely in journals and chapters in volumes on inflation, exchange rate, economic growth and poverty reduction. He holds a PhD in economics from Gothenburg University, Sweden, a Bachelors and Masters of Arts in Economics from the University of Nairobi and is an Associate Professor of Economics from the University of Nairobi.

In recognition of his role in national economic development, His Excellency the President of the Republic of Kenya conferred the Award of First Class of Chief of the Order of the Burning Spear (CBS) on Prof. Ndung’u in 2009.


Ms. Carole Kariuki

Carole Kariuki is a graduate of Nairobi University with a Bachelor of Arts Degree in Economics and Sociology. She has a Masters Degree in Public Administration and International Affairs from the Bowling Green State University in Ohio, USA.

She worked briefly at Barclays Bank of Kenya before taking up leadership training and working at the Nairobi Chapel. She then took up a position as a Research Fellow and later an Associate at the Sagamore Institute for Public Policy Research, Indianapolis - Indiana. Her work at the Institute led to a joint program with Kenya Private Sector Alliance (KEPSA) where she joined the Programs Department. She took a one-year break from KEPSA and did consultancy in the area of Local Economic Development giving her needed experience in the local policy making system. She rejoined KEPSA and after a year was confirmed KEPSA CEO.

She is a member of the Rotary Club of Langata, American Chamber of Commerce Kenya, and Institute of Directors. She serves in the National Council of Administrative Justice (NCAJ), the Corporate Governance Board, AISEC Board of Jomo Kenyatta University of Science and Technology (JKUAT), Advisory Board of School of Economics in Nairobi University and the Nailab Board.  She also represents the private sector in many National Steering Committees, Interview panels for Commissioners and Task forces in Government. 

For her role in business and private sector development she, has been recognized with several awards:  the Moran of the Burning Spear (MBS) 2012 and Heads of State Commendation (HSC) 2011 by the President of Kenya, Top 40 women under 40 years 2012 and 2011 by the Business Daily, Role in growing sustainable business initiative by UNDP 2006, Role in the UN Global Compact by UNDP 2006, Contribution to society by Nairobi Chapel 2011, Outstanding role in creating public private partnerships for business growth by ILO women entrepreneurship Development 2011 .  She was voted 2012 extraordinary personality to inspire the future by 80% of the 20, 000 students of the entrepreneurship clubs of Kenyan Universities.

Her greatest passion is economic transformation of Kenya and Africa through growth of business to create wealth and employment. Her dream is to see Kenya become the most competitive economy in Africa and beyond.


Prof. Willis Oluoch-Kosura

Willis Oluoch-Kosura is Professor of Agricultural Economics, University of Nairobi. He holds a PhD, Agricultural Economics from Cornell University, Ithaca 1983, MSc Agricultural Economics from the Australian National University 1978 and BSc Agriculture from the University of Nairobi, 1976. His interest is in the field of Agricultural Development Policy, focusing on Rural Factor and Product Markets, Poverty Dynamics, Technology Generation and Adoption and Institutional Analysis. He was the Program Director, Collaborative Msc in Agricultural and Applied Economics (CMAAE) at the AERC 2004-2011, consultant to Kenya’s Agriculture sector ministries, FAO, World Bank, CTA, UNCRD and several other National and International Organizations and Networks; Founding President of the African Association of Agricultural Economists (AAAE) (2004-2007); member at large in the Executive Committee of the International Association of Agricultural Economists (IAAE) (2003-2007). He has interest in facilitating collaboration in teaching, research and outreach with professional colleagues at best practice universities and development organizations for the benefit of the African Universities, institutions and farmers.




Mr. Joseph K. Kinyua, CBS, PS, MoF.

Mr. Joseph K. Kinyua began his career as an assistant lecturer at Nairobi University in 1978.  He joined the Central Bank of Kenya in 1980 and worked his way through the ranks, from an Economist to Director of Research.  Mr. Kinyua also worked as an Economist on a fixed term appointment with the International Monetary Fund (IMF) during 1985 – 1990, after which he returned back to the Central Bank of Kenya.

He was appointed Financial Secretary to the Treasury in June 1995, a position he held until July 1999 when he rejoined the Central Bank of Kenya as Director of Financial Markets.  In October, 2000 he was appointed Director of Research and Chief Economist, Central Bank of Kenya; and in September 2002, he was appointed as Permanent Secretary to the Treasury, a position he held until January 2003 when he was appointed Permanent Secretary in the Ministry of Planning and National Development.  In July 2003 he was appointed Permanent Secretary in the Ministry of Agriculture where he served until July 2004 when he was re-appointed to his current position of Permanent Secretary to the Treasury.

Mr. Kinyua is also a Director on several Boards of State Corporations, including (East African Development Bank (EADB) Board. He served  for six years as a member of the Programme Committee of the African Economic Research Consortium (AERC), and is currently a Director at large of the Consortium’s Board; and he is also Alternate Governor, World Bank Board of Governors.

He holds BA(Econ.) and MA(Econ.) degrees from Nairobi University.

Link to profile 


Dr. Edward Sambili, CBS, PS, MoPND & Vision 2030.

link to profile 


Prof. Mwangi Kimenyi, Director,

African Growth Initiative, Brookings Institution

Mwangi S. Kimenyi is Senior Fellow and Director of the Africa Growth Initiative in the Global Economy and Development program of The Brookings Institution in Washington, D.C. He has been a faculty member of the Department of Economics at the University of Mississippi and the University of Connecticut and is the Founding Executive Director of the Kenya Institute for Public Policy Research and Analysis (KIPPRA).Kimenyi is also a Research Associate with the Center for the Study of African Economies, University of Oxford, U.K. He has been a visiting Professor at the University of Wisconsin-Madison and a visiting Fellow at the Hoover Institution, Stanford University. Mwangi Kimenyi also served as member of the Board of Directors of Equity Bank, Kenya.Kimenyi received his undergraduate degree at the University of Nairobi-Kenya, and completed graduate studies at Ohio University and George Mason University, where he obtained a Doctorate degree in Economics in 1986. He has also studied for certificate programs at the University of Michigan and Harvard University.Kimenyi’s research focuses on institutions and economic development, Africa’s political economy, and policies for economic growth and poverty reduction. He has authored or co-edited 7 books, 6 policy monographs and has published widely in refereed journals and books.Kimenyi is a recipient of many honors and awards including co-winner of the Outstanding Research Award (2001) by Global Development Network (GDN), the Georgescu-Roegen Prize in Economics (1991), and was recognized by the Senate and House of the State of Mississippi for work on Public Transit. In 1994, Kimenyi was named by the Policy Review (Washington DC) among the top ten young market economists in the United States. During his tenure as Executive Director of the Kenya Institute for Public Policy Research and Analysis (KIPPRA), the Institute was ranked the top policy institution in Africa and recognized as an international center of excellence.









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