Nairobi: Dr. Akinwumi A. Adesina, President 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. Dr. Adesina, who was honored with Kenya's highest national honor, highlighted the importance of the judiciary as guardians of society, emphasizing that public finance should be effectively managed to ensure economic growth and sustainable development.
According to African Press Organization, Dr. Adesina illustrated how public finance is not merely a government ledger but a reflection of a nation's constitutional values and legal integrity. The African Development Bank views public finance as a strategic instrument that should be governed transparently and protected by robust legal frameworks, which are essential for sustainable development and national resilience.
Dr. Adesina stressed the importance of the rule of law in driving growth and development, citing the Global Rule of Law Index, which ranks several African countries low in comparison to others. He highlighted the necessity for Africa to improve its ranking to attract foreign direct investments, which are influenced by political stability, transparency, and an independent judiciary.
He drew attention to the management of natural resources, using Norway and Saudi Arabia as examples of countries that have successfully converted their natural resources into prosperity through strong legal frameworks and governance. Dr. Adesina called for African countries to learn from these examples and emphasize governance, transparency, and public accountability over natural resources.
Addressing Africa's public debt challenges, Dr. Adesina criticized the exploitative practices of vulture funds, which profit from the debt of nations by manipulating legal loopholes. He advocated for African countries to prioritize legal arbitration within African jurisdictions and strengthen the capacity of African arbitral institutions.
Dr. Adesina also highlighted the African Development Bank's efforts in improving governance and the rule of law across Africa. He cited examples of reforms supported by the bank in countries like Kenya, Seychelles, Botswana, and Rwanda, which have strengthened fiscal discipline and boosted investor confidence.
He further elaborated on the role of the African Development Bank in strengthening commercial courts and judicial institutions to complement public finance reforms. By showcasing various successful interventions across African nations, Dr. Adesina demonstrated how fiscal management, anchored in constitutional principles and the rule of law, can lead to sustainable development.
Dr. Adesina concluded by emphasizing that public finance must be protected by transparent governance, judicial efficiency, and constitutional safeguards. He called on the legal community to uphold the rule of law, ensure accountability, and protect the rights of citizens to foster trust and confidence, essential for attracting investments and achieving inclusive development across Africa.