Kenya’s private sector has called for stronger trust between government, businesses and citizens, warning that confidence in institutions and markets is increasingly becoming a critical factor in attracting investment, expanding trade and strengthening economic resilience.
The call was made during a high-level Private Sector Roundtable held in Nairobi ahead of the inaugural Trust Summit, scheduled for October 21–23, 2026.
Held under the theme, “Trust as an Economic Asset: Strengthening Public-Private Dialogue, Regional Economic Cooperation and Digital Trust for Market Resilience and Sustainable Growth,” the roundtable brought together private sector leaders and stakeholders to examine how trust can support investment, regional economic cooperation, digital commerce and sustainable growth.
The discussions focused on the economic consequences of declining institutional confidence at a time when businesses and investors are confronting global economic uncertainty, geopolitical tensions and rapid technological change.
Delivering the keynote address on behalf of Dr. A. Korir Sing’Oei, Principal Secretary in the State Department for Foreign Affairs, Mr. Mustafa Ibrahim, Deputy Director-General and Head of the Policy, Research and Strategic Analysis Directorate, said trust should be viewed as an economic asset rather than simply a governance issue.
“We meet at a time of considerable headwinds in the global economy. Confidence in institutions has come under strain, economic uncertainty has risen, geopolitical tensions persist, and rapid technological change is reshaping how governments, businesses and citizens interact,” he said.
Ibrahim said government had a responsibility to provide a stable and predictable policy environment, while businesses must uphold responsible corporate governance and ethical leadership to help attract investment, expand markets and encourage innovation.
Prof. XN Iraki of the University of Nairobi’s Faculty of Business and Management Science highlighted the direct financial cost of low trust to businesses.
“When people trust each other, businesses spend less on contracts, audits, and security, and can charge more without losing customers. Investors show up too. But when trust breaks down, everyone pays for it: higher interest rates, more red tape, slower growth,” he said.
The relationship between trust and investment was also emphasised by Mathias Kamp, Country Director of the Konrad-Adenauer-Stiftung (KAS) Kenya Office and co-convener of the Trust Summit.
“Trust is a prerequisite for investment and economic growth. You can invest heavily in infrastructure, but if the institutions and businesses operating within it are not trusted, the infrastructure alone will not deliver the outcomes we expect,” Kamp said.
For Lucy Muchoki, Partnership Director at the Kenya National Chamber of Commerce and Industry (KNCCI), the focus should now shift from acknowledging the importance of trust to implementing practical measures that can strengthen it.
“Trust is not simply about reputation; it has direct economic value. Let us move beyond simply agreeing that trust matters. Let us identify what needs to change and commit to where partnerships are required,” she said.
The roundtable was convened in partnership with the Kenya Private Sector Alliance (KEPSA), KAS, the Institute of Public Finance (IPF), KNCCI, TradeMark Africa and the COMESA Business Council.
The October Trust Summit is expected to move beyond discussions and produce a series of concrete outcomes aimed at tracking progress on commitments made by participants.
Among the planned outputs is a Nairobi Statement on Global Trust for Sustainable Development and Peace, which will capture key principles and areas of consensus reached during the summit.
Organisers will also establish a Trust Barometer, designed as a public dashboard for tracking trust levels and benchmarks over time.
A joint Trust Summit Secretariat will be established to track, verify and publicly report on progress against commitments made during the summit.
The summit will further produce a dedicated report examining Africa’s trust landscape, including the drivers of the continent’s trust deficit and priority interventions for governments, institutions and development partners.
Policy recommendations and action frameworks will also be developed, with time-bound commitments and accountability mechanisms covering areas including international cooperation and multilateralism, democratic governance, trust as an economic asset and information integrity in the digital age.
The organisers say the measures are intended to ensure that the summit results in sustained action rather than becoming a one-off discussion on the importance of trust.
Trust deficit carries economic costs
The urgency of rebuilding confidence is underscored by declining trust in institutions globally.
According to the 2025 Edelman Trust Barometer, global trust in government stands at 52 per cent, compared with 62 per cent for business, making business the only major institution globally perceived as both ethical and competent.
For developing economies, the consequences of weak institutional trust can be particularly significant. Research cited in the Trust Summit concept note indicates that low-income countries receive less than one per cent of global foreign direct investment, despite having some of the greatest need for productive capital.
African countries are also estimated to pay about US$75 billion in additional interest annually because of risk premiums associated with perceptions of institutional trust.
The Trust Summit is therefore being positioned as part of a wider effort to rebuild confidence in institutions and international cooperation, including commitments contained in the United Nations’ 2024 Pact for the Future.
For Kenya, the summit provides an opportunity to position Nairobi as a platform for global dialogue on economic governance, investment, international cooperation and digital trust.
The inaugural Trust Summit: Nairobi Dialogues on Global Trust will bring together government leaders, policymakers, business executives, academics, civil society, media and young people to examine trust as a foundation for effective governance, resilient societies, inclusive economies and international cooperation.
The summit is convened by the Ministry of Foreign and Diaspora Affairs through the State Department for Foreign Affairs, the Executive Office of the President through the Office of the Chief of Staff and Head of the Public Service, the Open Government Partnership, Strathmore University, UNDP Kenya, the Ford Foundation and Konrad-Adenauer-Stiftung, in partnership with the Institute of Public Finance.
The Nairobi meeting is expected to formally launch the Nairobi Dialogues on Global Trust as a global platform for dialogue, partnerships and collective action on rebuilding trust in institutions, markets and international systems.