By The Weekly Vision Business Desk
The National Treasury has announced that it is in the final stages of operationalising the long-awaited Office of the Registrar of National Government Securities, a move aimed at strengthening transparency, accountability and oversight in the management of Kenya’s public debt.
The disclosure is contained in a Treasury document responding to recommendations on strengthening Kenya’s public debt management framework. According to the Treasury, the Public Service Commission (PSC) has already conducted interviews for the position of Registrar, signalling that the office could soon become fully operational.
The development marks a significant step towards implementing provisions of the Public Finance Management (PFM) Act, 2012, which established the Office of the Registrar of National Government Securities but has remained largely dormant for years. Under Section 55 of the Act, the Registrar is responsible for maintaining an official register of all national government securities issued on behalf of the government.
The Treasury says Kenya already has a robust institutional framework for managing public debt through the Public Debt Management Office (PDMO), which operates under a three-tier structure: the Front Office, responsible for resource mobilisation; the Middle Office, which oversees debt policy, strategy and risk management; and the Back Office, responsible for debt recording and settlement. Oversight, the Treasury notes, is further exercised by Parliament, the Auditor-General, the Controller of Budget and the Attorney-General in accordance with the Constitution.
The Ministry also maintains that a comprehensive Public Debt Register already exists, is updated in real time through the Meridian debt management system, is submitted to Parliament and is published on the National Treasury’s website. Although the register is already maintained administratively, the appointment of a substantive Registrar would formalise the legal custody of records relating to Treasury bills, Treasury bonds and other government securities.
Under the PFM Act, the Registrar will be responsible for establishing and maintaining the official Register of National Government Securities, recording ownership details, updating records when securities are transferred or redeemed, and providing investors with consolidated statements of their holdings. The law also requires that government securities be published and publicised.
Financial experts say operationalising the office could improve investor confidence by strengthening record-keeping and ensuring greater legal certainty over ownership of government securities. The announcement comes as Kenya’s public debt continues to attract intense public scrutiny, with civil society organisations, Members of Parliament and development partners calling for greater transparency over government borrowing and debt servicing.
The Treasury maintains that the existing public debt management framework already provides comprehensive oversight, arguing that several recommendations calling for new institutions are effectively being addressed through existing mechanisms. The establishment of the Registrar’s office, it says, is expected to reinforce those efforts by adding a further layer of accountability over the issuance and management of domestic government securities.
Once fully operational, the office is expected to:
- Maintain the official legal register of all national government securities.
- Improve transparency in the ownership and administration of Treasury securities.
- Enhance investor confidence in government debt instruments.
- Strengthen accountability in Kenya’s public debt management framework.
- Support Parliament and oversight institutions through more structured debt records.
The Treasury has not indicated when the successful candidate for the Registrar’s position will be appointed, but confirmation that interviews have already been conducted suggests the process is at an advanced stage.
