Dr. Akinwumi Adesina, President of the African Development Bank Group, has underscored the critical role of judicial independence, sound public finance, and good governance in driving sustainable economic growth across Africa. Speaking to more than 1,200 lawyers, judges, and government officials at the 2025 Annual Conference of the Kenya Law Society in Diani, Kenya, Dr. Adesina highlighted the interconnected challenges facing the continent, including weak rule of law rankings, debt vulnerabilities, and predatory “vulture fund” cases.
Vulture fund cases, as explained by Dr. Adesina, involve investors purchasing national debt at a discount on secondary markets and then leveraging weak legal systems to demand full repayment, including backdated interest and legal fees. He emphasized that strong legal systems are crucial in preventing such exploitative practices.
Addressing the gathering in his closing keynote titled Public Finance, Governance, Justice, and Development, Dr. Adesina emphasized that Africa’s true wealth is not limited to its natural resources but extends to the ability of its institutions to govern transparently, enforce contracts fairly, and ensure justice for all citizens.
“Evidence suggests that foreign direct investment flows to countries with political stability, functioning democracies, transparency, and low levels of corruption,” Dr. Adesina said. He noted that other key drivers for sustainable growth include independent and transparent judiciaries, robust regulatory frameworks, accountable public institutions, efficient public services, competition policy, and respect for intellectual property rights.
The AfDB President further highlighted the vital connection between justice and development, emphasizing that access to justice must be universal. This includes legal aid, digitized courts, and accessible grievance mechanisms that bring legal protections closer to citizens.
“Justice is not a byproduct of development — it is the foundation of development,” Dr. Adesina declared, urging African nations to take proactive steps to strengthen their legal and governance frameworks. Specifically, he encouraged governments to:
- Strengthen judicial independence and transparency to attract global investment.
- Reform natural resource laws to ensure that communities, not elites, benefit from national wealth.
- Develop sovereign wealth funds to safeguard prosperity for future generations.
- Establish robust arbitration systems within Africa to settle disputes fairly and locally.
Dr. Adesina also challenged Africa’s legal professionals to act as “guardians of promise and stewards of destiny,” enforcing constitutional safeguards and championing ethical, environmental, social, and governance (ESG) principles. He called on lawyers and judges to digitize court systems, improve legal infrastructure, and protect national assets from predatory debt practices.
The keynote address concluded a three-day conference focused on corporate governance, constitutionalism, the rule of law, responsible public finance management, and legal system digitalization. The event drew prominent legal and government leaders, including Kenya’s Chief Justice Martha Koome, Kenya Law Society President Faith Odhiambo, Mombasa County Governor Abdulswamad Nassir, and the AfDB Director General for East Africa, Alex Mubiru.
Dr. Adesina highlighted ongoing African Development Bank initiatives to strengthen justice and governance systems across the continent. In Rwanda and Côte d’Ivoire, AfDB support for specialized commercial courts has reduced dispute resolution times by nearly 50%, unlocking over $1 billion in investment. In Seychelles, Bank-backed constitutional reforms requiring parliamentary approval for all sovereign borrowing have lowered the debt-to-GDP ratio from over 100% to below 55%. Meanwhile, in Kenya, AfDB-supported reforms in procurement and debt transparency, including parliamentary oversight of public borrowing, are safeguarding public resources.
Known for his optimism, Dr. Adesina urged Africa’s legal community to recognize the transformative power of the rule of law. “Let us make a choice that history will record and generations will remember,” he said. “As lawyers, justices, and guardians of the law, I urge you to uphold the rule of law, executing justice with fairness and integrity.”
EASTERN FM 105.1 MHZ reports that the conference emphasized the centrality of justice and governance in achieving inclusive growth and highlighted practical steps for African nations to strengthen institutional frameworks, attract investment, and secure sustainable development for all citizens.
STORY BY: KENNEDY AMPONSAH NTI
EASTERN FM 105.1 MHZ
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