Nairobi: Dr. Akinwumi A. Adesina, President and Chairman of the Boards of Directors 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 shaping national and continental progress.
According to African Press Organization, Dr. Adesina underscored that public finance is integral to a nation's revenue management, expenditure, and debt obligations. He stated that efficient management of these aspects determines the overall well-being of a population, reflecting constitutional values and legal integrity. Public finance, he asserted, is vital for economic growth, sustainable development, and prosperity.
Dr. Adesina highlighted the African Development Bank Group's commitment to advancing accountable governance and sustainable development through strategic public finance management. He emphasized that nations adhering to good governance and the rule of law achieve higher growth rates and stability, with the judiciary playing a significant role in development trajectories.
Discussing the African continent's standing in the Global Rule of Law Index, Dr. Adesina noted that African countries rank low, with Seychelles, Botswana, Rwanda, South Africa, Ghana, and Morocco leading the pack. He emphasized the importance of the rule of law in attracting foreign direct investment, which is crucial for filling the continent's annual investment financing gap of over $100 billion. He highlighted the necessity of political stability, transparency, and a strong judiciary for fostering investment.
Dr. Adesina pointed out that Africa's wealth in natural resources has not always resulted in economic prosperity due to governance issues. He cited Norway's successful management of its oil and gas resources as a model for Africa, stressing the importance of governance, transparency, and public accountability in transforming natural resources into national wealth.
He also addressed the growing challenge of public debt in Africa, which has surpassed $1.3 trillion. Dr. Adesina warned against the predatory practices of vulture funds exploiting legal loopholes in international debt frameworks. He called for African nations to strengthen their judicial systems, prioritize legal arbitration within the continent, and ensure that debt agreements are subject to fair and equitable legal jurisdictions.
Highlighting the African Development Bank's efforts, Dr. Adesina mentioned the establishment of the Africa Legal Support Facility, which has aided over 50 African countries in negotiating better commercial, extractive, infrastructure, and sovereign debt contracts, preventing significant public losses.
Dr. Adesina lauded the Bank's initiatives in strengthening governance and the rule of law across Africa, citing successful reforms in Kenya, Seychelles, Botswana, Rwanda, and other countries. These reforms have enhanced fiscal discipline, improved investor confidence, and positioned countries as credible investment destinations.
In conclusion, Dr. Adesina called on the legal fraternity to uphold the rule of law, execute justice with fairness, and work towards a stronger, more prosperous Africa. He emphasized that justice and development are intertwined, forming the foundation for economic sovereignty and sustainable development across the continent.