Rule of Law is Africa’s New Gold, Says AfDB President Adesina

The President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, has called for bold legal and governance reforms across Africa, declaring that the rule of law is the continent’s “new gold” and essential to unlocking sustainable prosperity.

Addressing more than 1,200 lawyers, judges and government officials at the Kenya Law Society’s Annual Conference in Diani, Dr Adesina stressed that Africa’s wealth lies not only in its natural resources, but also in transparent governance, judicial independence and access to justice for all.

“When Africa stands for the rule of law, the world will stand with Africa,” he told delegates during his keynote speech on Public Finance, Governance, Justice and Development. 

Dr Adesina highlighted the direct link between sound governance and economic progress, warning that Africa faces a $100 billion annual shortfall in foreign direct investment (FDI) due to weak rule of law rankings, debt vulnerabilities and predatory “vulture fund” practices.

He noted that investors are more likely to channel funds into countries with political stability, transparent institutions and low levels of corruption. Other factors include strong regulatory frameworks, independent courts, public accountability, efficient public services and protection of intellectual property rights.

“Justice is not a by-product of development, it is the foundation of development,” he said, emphasising the importance of legal aid, digitalised courts and grievance mechanisms that bring justice closer to citizens. 

The AfDB chief urged African nations to:

• Safeguard judicial independence and transparency to attract global investment.
• Reform natural resource legislation to ensure communities, not elites, benefit from wealth.
• Establish sovereign wealth funds to protect prosperity for future generations.
• Strengthen African arbitration systems to resolve disputes locally and fairly.

He challenged Africa’s legal profession to become “guardians of promise and stewards of destiny” by upholding constitutional safeguards on public finance and promoting ethical governance. 

Dr Adesina cited examples of AfDB-backed reforms already bearing fruit. In Rwanda and Côte d’Ivoire, the creation of specialised commercial courts has cut dispute resolution times by nearly half, unlocking over $1 billion in new investment. In Seychelles, constitutional reforms requiring parliamentary approval for all sovereign borrowing have reduced the debt-to-GDP ratio from more than 100% to under 55%. In Kenya, debt transparency and procurement reforms are helping to safeguard public funds.

The three-day conference, which concluded with Dr Adesina’s address, focused on corporate governance, constitutionalism, public finance and the digitalisation of legal systems. Participants included Kenya’s Chief Justice Martha Koome, Law Society President Faith Odhiambo, Mombasa Governor Abdulswamad Nassir, and the AfDB’s East Africa Director General Alex Mubiru.

Closing his speech, Dr Adesina — often dubbed Africa’s “Optimist-in-Chief” — urged the continent’s legal fraternity to recognise their critical role in shaping Africa’s destiny.

“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, and to execute justice with fairness and righteousness.”