Nairobi: Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the critical role of public finance and rule of law in fostering economic growth and sustainable development during his keynote address at the 2025 Kenya Law Society Conference. Addressing a distinguished audience including Kenya’s Chief Justice Martha Koome and other legal luminaries, Dr. Adesina highlighted the importance of transparency, governance, and judicial efficiency in shaping the future of African nations.
According to African Press Organization, Dr. Adesina articulated that public finance is not merely a government ledger but a reflection of a nation’s constitutional values and legal integrity. He stressed that well-managed public finance can serve as a cornerstone for economic growth, sustainable development, and national resilience. The African Development Bank views public finance as a strategic instrument to be governed transparently and sustainably, supported by robust legal frameworks and the rule of law.
Dr. Adesina also underscored the significance of the rule of law in attracting foreign direct investment. He cited the Global Rule of Law Index, pointing out that African countries rank lower compared to other nations, and stressed the need for Africa to improve its standing on the index. He noted that political stability, transparency, and low levels of corruption are vital in attracting investments, alongside an independent and transparent judiciary, strong regulatory frameworks, and respect for intellectual property rights.
The address also focused on the natural resource governance in Africa, emphasizing that effective governance, transparency, and public accountability over natural resources can prevent the so-called ‘natural resource curse.’ Dr. Adesina urged African nations to adopt lessons from countries like Norway and Saudi Arabia, which have managed their natural resources prudently to benefit their populations and secure future prosperity.
Furthermore, Dr. Adesina called for judicial involvement in addressing the rising public debt in Africa, which now exceeds $1.3 trillion. He highlighted the challenges posed by commercial creditors and vulture funds, which exploit legal loopholes to profit at the expense of debtor nations. He advocated for African countries to strengthen their legal and arbitral institutions and to prioritize legal arbitrations within African jurisdictions to ensure fair and equitable dispute resolutions.
Dr. Adesina concluded by urging African nations to bolster their legal systems and judiciaries, emphasizing the pivotal role of justice in development. He called on legal professionals to uphold the rule of law and ensure justice is accessible to all, thereby fostering public trust and economic growth. The African Development Bank’s commitment to supporting legal and governance reforms across Africa was reaffirmed, with a focus on enhancing transparency, accountability, and judicial efficiency to attract investments and sustain growth.