Once again, African nations were left leaking their wounds of embarrassment after the selection of Jim Yong Kim, a medical doctor, to head the World Bank.
As expected, most African countries threw their support behind Nigerian Finance Minister, Ngozi Okonjo-Iweala who had over 20 years financial experience, part of which were spent as one of the directors at the World Bank.
To many, this decision didnt come as a surprise, though there was some expectations that the US and its Western allies would heed calls for a representative from outside their domain to head the Bank. It didnt surprise because of the long-standing gentlemens agreement, under which the IMF managing director has to be a European and the World Bank president American.
The origins of this agreement go as far back as the 1944 Breton Woods Conference which gave birth to the IMF and the World Bank. Treasury Secretary Frederick Vinson, who had a strong backing from Wall Street, argued that an American should run the World Bank, while Europe should take care of IMF leadership.
Minister Ngozi Okonjo-Iweala went into this contest aware of this background very well but adamant that perhaps by the wink of luck or chance, she might be appointed president of the World Bank.
Those who pushed for change argue that since the Bank has become an authority on development and poverty reduction issues, it makes sense to have someone from developing countries head this international development policy-making Bank.
They backed their case by stating that over 500 of the World Banks initiatives and development prescriptions are being implemented in sub-Saharan Africa.
In the 90s, the Banks structural adjustment programme and other loan packages left some African countries poorer than before. Based on this, there is scepticism that the leadership of the bank can not be left in the hands of the Americans alone.
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In a free and fair environment, these arguments hold water, just as much as Ngozi Okonjo-Iweala was suitable for the top job. But the US is on an economic rescue mission. They have watched China making inroads in what used to be American and European resource base. The US has watched China and some Asian countries economies grow fast at their expense.
Their economy over the past decade has been on shaky grounds, especially with a recession that threatened millions of jobs and cast a few more into poverty, while in China it was the opposite. It is just not the right time for the US to experiment by relinquishing power of such a strategic institution which helps them prop up global economic dominance.
Cunning as they are, the US has once again deployed a race card to mask their chicanery manoeuvres in retaining the World Bank leadership. Dr Jim Yong Kim is a Korean-American. He is Asian, but American by citizenship.
One can only imagine that perhaps the strategy is to entice better collaboration from the Asian block which has given the US more headaches in recent years.
This is a proven strategy, especially when the election of Barrack Obama as president saved the US bully-boy image created during the Bush era. There is no doubt that the image of Obama has changed the political dynamics and the US relations with other countries.
For example in Zimbabwe, since his ascendancy to power we have not heard any direct attacks on Obama as much as we did on Bush. Perhaps, the same will work on the US-Asia relations with a Korean-American as the top banker.
Upon his appointment, Jim Yong Kim was quick to make the American intentions known. He stated that capitalist market-based growth is a priority for every single country, a worrying concept that has been historically used by the US capitalists to exploit poor countries through some corrosive economic prescriptions.
Of course, market based growth is not a bad idea when it is home-grown, but global prescriptions of this concept have been disastrous.
Whatever the new development policies the new Korean-American World Bank president is likely to bring up, one thing is very clear; the World Bank for now remains in the armpits of America.
And for as long as the American economy remains as fragile as it is today, its hunger to exploit poor nations might be Africas immediate future concern. China is already at work in Africa, devouring natural resources to feed their hungry and ever growing economy and they are not showing signs of relenting.
And the US is not impressed at all by this crusade. But none of the two blocks have an interest in developing Africa though the Chinese seem to be faring better than the West.
A new wave of economic growth has shown that centralised supranational governance such as that of the World Bank and IMF are losing their appeal to coalitions.
Where you needed the World Bank to provide credit lines, you can rely on a partner to trade with on an equal basis. BRICS (Brazil, Russia, India, China and South Africa coalition) has demonstrated that the old economic control systems under the Bretton Woods Empire can be evaded and new power bases can be forged with better deals for everyone involved.
By the same token, African countries can also form coalitions and benefit from the strength of their neighbours. For example, oil producing countries such as Mozambique and Angola can trade with South Africa, an oil purifying country and supply oil to the region.
China has shown the world that you earn respect by doing things right than clamouring for political control of global supranational institutions.
Therefore, instead of crying over a World Bank presidency, why not strengthen and support the Africa Development Bank to play a leading role in shaping the Africa development agenda.
The Kofi Annan era showed us that having an African as head of the United Nations is not a medium to influencing policy change towards Africa. You run the risk of having one of your own used against you.
