The true wealth of Africa lies not just in its vast natural resources but in its ability to govern them with transparency, enforce contracts fairly, and deliver justice to all its citizens.
This was the resounding message from Dr Akinwumi Adesina, President of the African Development Bank Group, as he delivered the closing keynote themed Public Finance, Governance, Justice and Development, at the Kenya Law Society’s 2025 Annual Conference in Diani, Kwale.
Addressing over 1,200 legal professionals, judges, and government officials, Dr Adesina drew a direct link between judicial independence, sound public finance, and sustainable economic growth, declaring, “Justice is not a byproduct of development—it is the foundation of development,” he said.
Africa’s potential is undeniable, yet the continent continues to grapple with a Sh12.95 trillion ($100 billion) annual shortfall in foreign direct investment, a gap exacerbated by weak rule of law rankings, debt vulnerabilities, and predatory financial practices.
Dr Adesina highlighted the menace of so-called “vulture funds,” where investors exploit fragile legal systems to extract exorbitant repayments from debtor nations.
“Evidence shows that investments flow to countries with political stability, transparent governance, and low corruption,” he added, urging African nations to strengthen judicial independence, regulatory frameworks, and public accountability to attract global capital.
The solution lies in systemic reforms that empower Africa to chart its own course. Dr. Adesina called for modernized natural resource laws to ensure benefits reach communities rather than elites, the establishment of sovereign wealth funds to secure future prosperity, and the development of robust African arbitration systems to resolve disputes locally and fairly.
“As lawyers, justices, and guardians of the law, you must uphold the rule of law with fairness and righteousness,” Dr. Adesina said.
He challenged the legal community, urging them to become stewards of destiny by enforcing constitutional safeguards on public finance. The African Development Bank is already driving tangible progress across the continent. In Kenya, procurement and debt transparency initiatives are safeguarding public funds, demonstrating how governance reforms can translate into real economic gains.
In Rwanda and Côte d’Ivoire, specialized commercial courts, supported by the Bank, have slashed dispute resolution times by nearly half, unlocking over Sh129.5 billion ($1 billion) in investments.
Seychelles, once burdened by a debt-to-GDP ratio exceeding 100%, has seen it plummet below 55% following constitutional reforms mandating parliamentary oversight of sovereign borrowing.
For Africa to realize its full potential, the rule of law must become more than a principle, it must be the bedrock of every policy, every judgment, and every investment. The continent’s future rests in their hands.
