Nairobi: Dr. Akinwumi A. Adesina, the President and Chairman of the Boards of Directors of the African Development Bank Group, delivered a keynote address at the Kenya Law Society’s 2025 Annual Conference. The focus of his speech was on “Public Finance, Governance, Justice, and Development.” Dr. Adesina emphasized the critical role of public finance in advancing national development, highlighting its impact on a country’s economic growth and social progress.
According to African Press Organization, Dr. Adesina underscored that public finance is more than a government ledger; it reflects a nation’s constitutional values and legal integrity. Effective public finance management can serve as a foundation for economic prosperity, sustainable development, and national resilience. He noted the importance of transparency, sustainability, and robust legal frameworks in governing public finance, which are central to the African Development Bank Group’s mission.
Dr. Adesina also addressed the significance of the rule of law in promoting foreign direct investment and economic development. He cited the Global Rule of Law Index, which ranks African countries lower compared to other regions, and urged the continent to improve its standing. He emphasized that political stability, transparency, and low corruption levels attract investments, which are crucial for filling financing gaps in Africa.
In addition, Dr. Adesina discussed the challenges African countries face with public debt and the predatory practices of vulture funds. He highlighted the need for African legal systems to rise to these challenges by ensuring judicial independence and building trust with foreign investors. He proposed that African countries prioritize legal arbitrations within the continent and strengthen their arbitral institutions.
The African Development Bank’s initiatives to support African countries in improving governance and the rule of law were also highlighted. Dr. Adesina cited examples where the bank has helped countries like Kenya, Seychelles, Botswana, Rwanda, and others to enhance their public finance systems, reduce debt levels, and strengthen legal frameworks to boost investor confidence.
Dr. Adesina concluded by emphasizing the importance of strengthening justice infrastructure and improving access to justice as foundational elements for economic development. He called on legal professionals in Kenya and across Africa to uphold the rule of law and execute justice with fairness, as these actions are crucial for attracting investment, fostering trust, and achieving sustainable development across the continent.