Kenya’s Kamau Thugge and Morocco’s Abdellatif Jouahri earned “A” grades in Global Finance’s 2025 Central Banker Report Cards, outperforming peers across Africa.
Kenya’s Thugge, Morocco’s Jouahri Stand Out in 2025 Central Banker Report Cards
Kenya’s Kamau Thugge and Morocco’s Abdellatif Jouahri have emerged as Africa’s leading monetary policymakers in Global Finance magazine’s 2025 Central Banker Report Cards. Both earned “A” grades, surpassing peers from Egypt, Ethiopia, South Africa, and Uganda. Consequently, their performance underscores Africa’s growing credibility on the global monetary stage.
Published annually since 1994, the report evaluates nearly 100 central bank governors worldwide. Ratings range from A+ for exceptional performance to F for failure. Evaluations focus on inflation control, currency stability, and policy independence.
“Our annual central banker report cards recognise leaders who deliver results with independence, discipline, and strategic foresight,” said Joseph Giarraputo, Founder and Editorial Director of Global Finance.
Thugge Drives Inflation Down and Restores Confidence
Since his appointment in July 2023, Thugge has sharply reduced Kenya’s inflation. Prices that once exceeded 9% in 2022 now sit comfortably within the central bank’s 2.5%–7.5% target range.
The Central Bank of Kenya implemented seven consecutive rate cuts, totaling 325 basis points. As a result, the benchmark rate fell from 12.57% in mid-2024 to 9.5% by August 2025. These measures stabilized the shilling, lowered borrowing costs, and boosted investor confidence.
Analysts note that Kenya’s approach balances monetary discipline with economic growth, earning Thugge recognition as one of Africa’s leading central bankers. Meanwhile, foreign investors have praised the clarity and predictability of Kenya’s monetary framework.
Jouahri Steers Morocco Through Sharp Disinflation
In Morocco, Jouahri oversaw a steep fall in inflation. Prices declined from 10% in February 2023 to 0.3% by August 2025, well below forecasts.
He also paired interest-rate adjustments with targeted currency-stability policies at Bank Al-Maghrib. These actions strengthened Morocco’s economy and reassured international investors. Consequently, Jouahri earned an “A” grade, making Morocco the only Arab country in the top tier of the 2025 Central Banker Report Cards.
Africa’s “A-” Central Bankers
Other African leaders performed strongly, earning “A-” grades:
- Hassan Abdalla (Egypt) successfully navigated inflation and currency volatility.
- Mamo Mihretu (Ethiopia) implemented reforms described as the most significant in 50 years before resigning in September 2025.
- Lesetja Kganyago (South Africa) handled global interest rate swings and commodity shocks.
- Michael Atingi-Ego (Uganda) maintained policy credibility despite currency depreciation.
These governors successfully navigated external shocks while preserving independence. Their recognition in the 2025 Central Banker Report Cards highlights Africa’s rising stature in global monetary policy.
Implications for Africa
The rankings illustrate a growing trend: African central banks are gaining respect for discipline and independence. Many managed global interest rate spikes, commodity-price swings, and currency pressures effectively.
Strong policy frameworks have bolstered investor confidence. Experts suggest top grades for Thugge and Jouahri may encourage other central banks to refine monetary tools and prepare for global uncertainty.
For Kenya, stabilizing inflation could unlock stronger credit growth and attract foreign investment. Similarly, Morocco’s policies reinforce the country’s role as a North African anchor of stability.
“Most African central bankers have spent the past few years battling inflation with their most effective tools. As inflation recedes, we’re beginning to see the results of those tough policy decisions,” Giarraputo said.
Africa on the Global Stage
Since its inception, the Central Banker Report Cards have become a benchmark for central bank credibility. Past honorees include Alan Greenspan, Mario Draghi, and Haruhiko Kuroda.
The 2025 edition demonstrates that African central bankers now compete on the global stage. Kenya and Morocco’s success shows how disciplined monetary policy can shape investor confidence and influence international perception.
