No. The sound is a short "e" (as in "let", or "beg"), not a long "a" (as in "pay" or "hay"). Americans sometimes find this strange, since short "e" as an ending sound is not common in English. But it's very common in Japanese.
I transliterated it from Japanese as "boke", but when he ran the feature articles in Photo Techniques, Mike Johnston added the "h" to keep people from pronouncing it to rhyme with "Coke".
So in plain English, bokeh should be pronounced, BO - KEY?