CBK in Hot Water Over Secret Ksh14.5B Currency Printing Deal with German Firm

Storm at Central Bank as Ksh14.5B Currency Printing Deal Exposed

The Central Bank of Kenya (CBK) is facing intense scrutiny after a damning audit flagged irregularities in a Ksh14.5 billion currency printing contract with a foreign firm.

The Auditor General’s report reveals that the deal, signed on April 22, 2024, bypassed key procurement procedures. Although the CBK got clearance from the Treasury Cabinet Secretary in January, it failed to follow vital steps in selecting the supplier.

“Audit review of the procurement process revealed that the internal processes… were not followed in compliance with Regulation 84,” read part of the report.

Despite being a classified procurement, the contract should have involved a special committee and oversight by the Public Procurement Regulatory Authority (PPRA). Shockingly, neither happened.

“The appointment of a special committee… or the requirement for monitoring by the Director-General of PPRA… were not met,” the audit added.

Moreover, CBK did not properly assess or vet the foreign currency supplier, violating Regulation 84 of the Public Procurement and Asset Disposal Regulations, 2020.

Still, in a surprising twist, the broader audit concluded that CBK’s overall governance and risk controls were effective. This suggests the issue lies in procurement compliance, not widespread failure.

However, this has not calmed the storm.

On June 2, whistleblower Nelson Amenya dropped a bombshell, alleging the government had already started a clandestine redesign and mass printing of Kenya’s currency in Germany.

“They’ve redesigned the currency and begun printing without telling Kenyans,” claimed Amenya, who also exposed the Adani-JKIA saga.

CBK Governor Dr. Kamau Thugge confirmed the use of a German firm for the printing, but withheld the company’s name.

“The printing is being done by a German firm, and it is actually one of the best firms,” he said in an earlier briefing.

Yet, the secrecy around the deal has sparked outrage and raised serious transparency concerns.

Meanwhile, Treasury and PPRA officials are under growing pressure to explain how such a massive contract was approved despite the procedural breaches.

“You can’t hide a Ksh14.5 billion deal from public oversight and expect silence,” a financial analyst told us.

With trust in public institutions already shaken, this new revelation threatens to erode confidence even further—especially with rising living costs and economic uncertainty.

Now, Kenyans await accountability.

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Storm at Central Bank as Ksh14.5B Currency Printing Deal Exposed