Nairobi: Dr. Akinwumi A. Adesina, President and Chairman of the African Development Bank Group, delivered a keynote address at the 2025 Kenya Law Society Conference, emphasizing the critical role of public finance, governance, justice, and development in Africa’s future. Dr. Adesina highlighted the importance of transparent and accountable management of public resources in fostering economic growth and sustainable development.
According to African Press Organization, Dr. Adesina stressed that public finance is not merely a government ledger but a reflection of a nation’s constitutional values and legal integrity. He emphasized that effective management of public finance serves as a cornerstone for economic growth, sustainable development, and prosperity. The African Development Bank Group views public finance as a strategic instrument that must be governed transparently, managed sustainably, and protected by robust legal frameworks and the rule of law.
Dr. Adesina underscored the significance of the rule of law in driving growth and development, pointing to the Global Rule of Law Index, where African countries rank low compared to countries like Finland, Denmark, and Norway. He highlighted the need for African nations to enhance the rule of law to attract foreign direct investment and achieve higher growth rates, equitable development, and stability.
The African Development Bank Group champions the nexus between public finance reforms and strong legal and judicial institutions. Dr. Adesina called for judicial involvement in the development of natural resource laws, emphasizing governance, transparency, and public accountability over natural resources. He urged African countries to learn from successful experiences of nations like Norway and Saudi Arabia in turning natural resource wealth into prosperity for their populations.
Dr. Adesina also highlighted the challenges posed by rising public debt in African countries and the role of vulture funds in exploiting legal loopholes in international debt resolution frameworks. He advocated for African legal systems to rise to the challenge of ensuring judicial independence and transparency, thereby building trust and confidence among foreign investors.
The African Development Bank Group has supported numerous African countries in strengthening governance, public finance, and judicial systems. Examples include reforms in Kenya and Seychelles to enhance parliamentary oversight over public borrowing and debt transparency, as well as investments in strengthening commercial courts and judicial infrastructure across the continent.
Dr. Adesina concluded his address by calling for collective efforts to strengthen constitutionalism, accountability, and the legal system. He urged legal professionals to uphold the rule of law and execute justice with fairness and righteousness, emphasizing that justice is the foundation of development and the key to attracting the capital needed for Africa’s prosperity.