Category: Business Daily

Credit rating agencies play a vital role in determining the cost of debt for many African countries who have been accessing international capital markets to fund their budgets.

The role played by these agencies has, however, been put under scrutiny by leaders including President William Ruto who has raised issues over potential bias against African issuers. This critique has seen African governments move to create their own rating outfit.

US President Donald Trump’s administration supports a one-year extension of the African Growth and Opportunity Act, the trade initiative with sub-Saharan Africa that expires on Tuesday, according to a White House official.

Since coming to office in January, the administration had not publicly stated a position on the act, known as Agoa, a law first passed in 2000 to provide duty-free access to the US market for thousands of products.

Despite broad bipartisan support for renewing Agoa, which supporters say helps diversify US supply chains and counter Chinese influence in Africa, the law’s prospects for extension before it lapses are deeply uncertain.

Its only realistic legislative path is to be attached to the stopgap funding bill Republicans are pushing to keep the US government open past Tuesday, although it could also be reinstated later.

African governments and investors have been lobbying in recent weeks for a one- or two-year extension after efforts to secure a longer-term renewal did not make it to a vote in Congress.

Agoa is credited with supporting hundreds of thousands of jobs in more than 30 eligible countries.

Its impact has been diluted by the bilateral tariffs Trump introduced in August, which exposed products once exported duty-free under Agoa to US import taxes of between 10 percent and 30 percent.

Property development firm, Eboss Investments Company, has injected Sh80 million to construct a new British-curriculum institution in Ruiru called Seven Oaks International as it seeks to ride on the middle class appetite for the international syllabus.

The developer, which is behind the 143 Brookview Membley project in Ruiru, received a Sh110 million loan from Co-operative Bank of Kenya with Sh80 million earmarked for the school, while Sh30 million will form a revolving fund to be used in developing residential units.

‘The school forms the anchor of a mixed-use gated community that integrates residential housing, commercial spaces, recreational amenities, and other social infrastructure,’ said Co-operative Bank in a statement. ‘The financing package combines a Sh80 million mortgage facility, dedicated to constructing the school, and a Sh30 million revolving term loan tailored to the project’s phased development model.”

Most middle class parents, who are the target market for the 143 Brookview Membley project that entails four bedroom houses selling at between Sh33 million and Sh35 million, have been shifting from the Competency Based Curriculum (CBC) and enrolling in schools offering international syllabus.

The shift is largely driven by uncertainty surrounding the CBC whose first batch of students is set to sit the Kenya Junior Secondary Education Assessment later this month.

Investors in middle and high-end private primary schools have moved to cash in on the demand, building extra classrooms while some have acquired franchises of international institutions.

It is not clear whether Seven Oaks International is related to a public school with a similar name in England.

Those along Thika Road have had few options of such international schools with Seven Oaks moving to plug into this gap.

Eboss Investments injected Sh120 million in 2020 for infrastructure development on a 20 acre gated community and has since completed three phases of the project riding on family resources and buyers’ deposits.

‘Our financing approach follows the project’s natural growth. Once Eboss proved their ability to deliver in earlier phases, we structured support for the school phase through a mortgage facility,’ said head of mortgage finance at Co-operative Bank of Kenya, Vincent Kihara.

When complete, the 143 Brookview Membley project will feature 100 housing units, an education centre, a commercial hub and play area creating a modern, self-contained community in one of Ruiru’s fastest-growing neighbourhoods.

The Seven Oaks School will serve as the educational anchor, offering families convenience and peace of mind while enhancing the value proposition of the entire development.

A senior manager once told how a weekly meeting had become a dreaded ritual. The team arrived, gave quick updates, and then fell into silence. Questions from the manager were met with one-word answers: ‘Yes.’ ‘No.’ ‘Not sure.’ When asked for ideas, the team looked back blankly, as though saying, ‘You tell us.’

The meetings were frustrating, draining, and convinced her that the team lacked initiative, competencies, or intent to sabotage. What was happening, however, was disengagement.

Another employee explained how weekly team meetings had become dreaded meetings, as the manager held monologues pinpointing shortfalls, dispensing solutions, new targets, and veiled threats, without seeking ideas from the team. He had become an advice monster. In some organisations, meetings that should inspire collaboration and creativity end up as routine sessions where employees only speak when compelled.

This creates an ‘illusion of productivity,’ where employees spend enormous time in meetings, but little meaningful discussion or decision-making takes place. The silence is often a symptom of deeper issues within the organisation’s culture and leadership.

Employees choose silence in meetings for several reasons. Some fear reprisal, believing that sharing honest opinions may be met with criticism or career-limiting consequences.

Others have learned, through experience, that their contributions are routinely dismissed or ignored. Junior staff may feel it is inappropriate to challenge or question their superiors in a meeting.

In some cases, employees remain quiet because they see no clear purpose in the meeting itself. When agendas are vague or discussions are dominated by the manager, participants retreat into passivity.

The impact on the manager is equally significant. Silence can be deeply unsettling for leaders who interpret it as laziness or incompetence.

Left unchecked, it develops into frustration and even resentment, creating a vicious cycle where the manager becomes more controlling, and the employees become even quieter. The result is toxic meetings that leave everyone demoralised and the organisation deprived of ideas.

Managers can use proven strategies to improve the quality of meetings, like creating psychological safety, which is a belief that one can speak up without the risk of punishment, humiliation, or harsh judgment.

When managers foster psychological safety, employees are more willing to share ideas, raise concerns, and take creative risks.

Some practical approaches to improving meetings, like setting a clear agenda and communicating expectations beforehand, help employees prepare and feel confident about contributing.

Instead of asking closed questions that elicit ‘yes’ or ‘no’ responses, managers should use open-ended prompts such as ‘What challenges do you see in this proposal?’ or ‘How else might we approach this problem?’ These types of questions invite further discussion and demonstrate that diverse perspectives are valued.

Another useful strategy is rotating the responsibility of leading or presenting parts of the meeting. When employees have a role beyond passive attendance, they feel a greater sense of ownership, which improves participation and engagement, and a conviction that their input genuinely matters to the outcome of a discussion.

Importantly, managers must also demonstrate that ideas raised in meetings are acknowledged and acted upon. Nothing discourages employees more than seeing their suggestions vanish into a void.

Time management also plays a role. Prolonged, meandering meetings sap energy and discourage contributions. I once worked in a company where management meetings often commenced at 4pm and routinely ended past 9pm. I later learned the same issues were rolled over with no substantive closure. A former boss of mine told me that, if a meeting lasts more than three hours, it should be a workshop. Productive meetings are structured, purposeful, and respectful of participants’ time.

When meetings are concise and outcome-driven, employees are more likely to engage actively rather than watch the clock.

Admitting uncertainty, asking for feedback on their own decisions, and thanking employees for their contributions all help the manager dismantle hierarchical barriers.

When leaders set the tone by showing they are willing to listen and learn, employees respond with greater honesty and engagement.

The payoff for creating such an environment is great. Meetings shift from being dreaded obligations to forums where problems are discussed and solved, innovations are inspired, and employees feel part of something larger than themselves. Leaders no longer feel isolated in decision-making, and teams gain confidence in shaping the organisation’s direction.

As a manager, the next time you find yourself in a silent meeting, resist the urge to blame your employees. Instead, reflect on the culture and environment you have created.

Are people afraid of speaking up? Do they feel their views matter? Is the meeting structured to encourage dialogue? Have you become an advice monster? Do you provide leadership or dominate the meetings? What is your level of self-awareness and ability to control your emotions?

These are the questions every manager must ask, because when employees speak in meetings, they contribute ideas to help organisations thrive. And when managers learn to listen, meetings become not just a routine, but a powerful way of creating a culture where employees feel safe to give ideas.

In a move to restore trust in financial reporting, the Institute of Certified Public Accountants of Kenya will launch the Unique Document Identification Number (UDIN) on October 2, 2025.

This transformative tool will revolutionise how audit opinions are authenticated-ushering in a new era of transparency, accountability, and professional integrity.

Every audit report issued by Institute of Certified Public Accountants of Kenya (ICPAK)’s 2,110 authorised assurance providers will now carry a 12-digit UDIN code and a QR code, both uniquely tied to that specific opinion. These identifiers will allow third-party users-procurement officers, regulators, banks, Saccos, and other institutions-to instantly verify the authenticity of any audit report. If a code is missing or invalid, the system will flag it, notify ICPAK, and trigger corrective action. Such reports may be rejected outright, restoring confidence in the audit process and protecting the public from fraudsters.

This innovation is not happening in isolation. ICPAK has benchmarked UDIN against similar systems used by professional accountancy bodies in India, Australia, South Africa, Nigeria, and Singapore.

Among these, India’s Institute of Chartered Accountants-the largest professional accountancy body in the world-stands out as a global success story.

Despite India’s vast geography and complex regulatory landscape, ICAI’s system has proven robust, scalable, and transformative. Kenya now joins this league of forward-thinking nations, embracing technology to uphold professional standards.

But the implications of UDIN go far beyond the accounting profession. This is a wake-up call to other regulated fields-law, architecture, engineering, supply chain, medicine, and beyond. Quacks have infiltrated nearly every sector, eroding public trust and exposing unsuspecting citizens to risk.

Take the legal profession, for example. Many Kenyans have unknowingly engaged individuals posing as advocates-only to discover, often too late, that they were never admitted to the bar. The consequences range from botched cases to lost property and shattered lives. A UDIN-style system, managed by the Law Society of Kenya, could allow the public to verify the legitimacy of legal documents and confirm whether a lawyer is duly registered and licensed to practice.

A simple code, searchable on a public portal, could be the difference between justice and deception.

Architects and engineers, too, face similar challenges.

Rogue practitioners have been known to submit fraudulent drawings, supervise unsafe constructions, or misrepresent their qualifications.

A document authentication system-anchored in professional registers-would empower clients, developers, and regulators to verify credentials before approving plans or releasing payments.

The future of professional practice in Kenya must be secure, transparent, and digitally verified.

Supply chain professionals, especially those involved in procurement and logistics, are increasingly relied upon to uphold ethical standards in public and private sector transactions.

Yet, without a way to verify their standing, institutions risk engaging individuals who lack the training, certification, or integrity required for such sensitive roles.

The medical field is another critical area. While the Kenya Medical Practitioners and Dentists Council maintains a register, a UDIN-style verification tool could help patients confirm the legitimacy of prescriptions, referrals, or medical reports-especially in rural or underserved areas where impersonation is more rampant.

ICPAK’s investment in UDIN includes a secure, user-friendly platform accessible via www.icpak.com. Users can simply enter the UDIN code to confirm the validity of any audit report.

The portal is prominently displayed for seamless access, ensuring that verification becomes a routine part of financial due diligence.

Following the launch, ICPAK will embark on a nationwide sensitisation campaign-engaging stakeholders across public and private sectors to ensure smooth adoption.

Forums, trainings, and regulator briefings will help embed UDIN into Kenya’s financial culture, making it a standard for accountability.

As the regulator of the accounting profession, ICPAK recognises that technology is no longer optional-it is essential. UDIN reflects our commitment to staying ahead of the curve, breaking barriers to trust, and empowering professionals to uphold the highest standards.

It is a digital shield against fraud, a gateway to credibility, and a testament to our resolve to protect the integrity of Kenya’s financial reporting ecosystem.

In adopting UDIN, ICPAK is not just launching a tool-it is making a statement. We are ready to lead, innovate, and transform. And we invite other professional bodies to follow suit.