ANOTHER COUP AGAINST AFRICA.
Three months ago, World Health Organization (WHO) Secretary-General, Dr. Tedros Adhanom Gbebreyesus was in the eye of the storm. A storm created by western media and imperialist agents, aimed at drowning him with verbal and racial attacks following Coronavirus pandemic.
Just as we think, Dr. Gbebreyesus is out of ocean-of-attack, another coup in the offing against Dr. Akinwunmi Ayodeji Adesina, the current president of African Development Bank and sister organizations, African Development Fund (ADF), and Nigeria Trust Fund (NTF).
For more than four or five months, the west had been in trenches to pull Dr. Akinwunmi Adesina down on spurious allegations:
- Arbitrary recruitment
- Private gains impediment to efficiency
- Overruling decisions of Board of Governors/directors
- Political lobbying
- Use of bank resources for private gains.
In fact, you will not be surprised, the source of these allegations, primarily from those who were against Dr. Akinwunmi Adesina’s appointment some five years ago.
The whistleblower, Stephen Down, the hatchetman-had leaked both-the so-called allegations and clean health bill the organization’s Ethics Committee handed down on Dr. Akinwunmi Adesina in the Hill newspaper website, when not authorized to do so.
According to Ethics Committee findings, the president had committed no wrong and all allegations were of no effect; however, the non-regional executive directors-Denmark, Sweden, Norway, Finland, and United Stated rejected the findings; curiously, US Treasury Department has put pressure on the bank for a new probe by “independent panel” to look for what is not lost.
The Many Sins of Akinwunmi Adesina; Why West Wants Adesina Out
The presidency of Akinwunmi Adesina has changed the continental financial institution for the better; in fact, from many quarters-in and outside-Africa, the bank-is now Africa’s equivalent of World Bank and International Monetary Fund.
In the past five years of his leadership, African Development Bank has shown a strong and powerful presence in the continent’s economic and development agenda. No wonder, president of World Bank in February accused African Development Bank of being too “quick” to provide loans.
Akinwunmi Adesina brought dynamism, revolution, and pan-African economic realism to the bank; the development west sees as threat to holding African economic freedom in perpetuity, impossible.
West has been very unhappy with Akinwunmi Adesina, as most African nations have shunned World Bank and International Monetary Fund for loans and aids; but look on to African Development Bank as a better alternative.
In the past five years, Adesina increased the bank’s capital base from $93 billion to $208 billion with more financial advantage and power to help African nations with troubling economy, which Bretton Wood systems would have made worse with toxic economic conditions.
In addition, Adesina continues to look for more investment options in infrastructure development for Africa, which west sees as outside the bank’s main function. More than $80 billion came into Africa between 2018 and 2019 for investment in infrastructure; western nations are not happy about this development, because it makes western aids unattractive to African nations.
The presence of Chinese in Africa and the outstanding performance of African Development Bank are changing the old tunes in sub-Saharan Africa. Even though, Chinese investment in Africa might not be the best at this time; however, after five hundred years of All Western Therapy and Cure, African nations have remained same, and in many instances, stagnation. Therefore, African nations have to change ways of doing things from old styles to a new modus operandi.
Africa: Way To Go
The present structure of African Development bank must change if really, African nations want to be economically independent and buoyant. No individual commits his destiny into someone else hand and thrive.
This is what African nations have done; the present 60-40 equity structure and management control of African Development Bank between African nations and non-regional owners be reviewed, or rather changed completely.
The situation where five non-African nations are on top-ten list (United States, Japan, Germany, Canada, and France) of the bank’s executive control will continue to work against African interest because the non-regional owners have different economic interest for Africa.
African nations with low financial contributions, who at present, can do better, perhaps make more contributions, so that non-regional power will not overrun and make them ineffective, today and tomorrow.
In fact, quite a few African nations can do better than what we have now.
Nigeria can do better with more contributions from present 9.281% to somewhere around 20%. Egypt can increase her share of 5.379% to 10%; South Africa can upped her contribution to 15% from the current 4.871%. After all, Nigeria and South Africa have a combined GDP of $835 billion economy out of $2.58 trillion African GDP, representing a third or about 34 percent.
Moreover, other African countries can review their present contributions; Algeria can do more than the current 4.209%; Ethiopia can raise her contribution from 1.587% to 5%; Ghana can move up from 2.137% to 10%. Rwanda, Cote d’Ivoire, Senegal, Morocco, Tunisia, Kenya, Angola, Gabon, Guinea, and Congo can raise their contributions upward.
In doing so, Africa will have more say with power to act for itself, and more important; African Development Bank will become a catalyst for African economic growth.
If African Development Bank becomes financially sufficient and strong from internally sourced funds, African nations can get rid of western and other global financial institutions that have stunted its growth for decades.
Institutions like Bretton Wood System; European Investment Bank; Islamic Development Bank; Asian Development Bank; European Bank for Reconstruction and Development; Inter-American Development Bank; New Development Bank by BRICS; and all global financial institutions that have stood in Africa’s way to economic freedom and independence.
More Trust Funds
Economically strong African nations, wealthy individuals, successful entrepreneurs, charities, and organizations should establish TRUST FUNDS as Nigeria did in 1976 to help poor African nations.
The $80 Trust Funds, which has grown to $432 million-attracts 4% interest rate, a-25-year-repayment plan plus 5-year-moratorium-or-grace. With more TRUST FUNDS, low and medium-income African nations will have unrestrained access to soft loans, friendly-aids, which will stimulate economic growth.
At present, their are twenty billionaires in Africa with a combined net worth of $73.4 billion. These individuals can save Africa if they set up TRUST FUNDS with African Development Bank. A ten percent Trust Funds from $73.4 billion is $7.34 billion; this can lift millions from low-income countries out of poverty within five years with multiple effects. Investment in education, health, capacity building, women empowerment, portable water, infrastructure will transform rural areas into economic hubs of Africa within decades.
Going to World Bank, International Monetary Fund, London and Paris Clubs, European Financial institutions will no longer be necessary. African economic growth will certainly be in the hands of Africans.
Then pains from toxic economic conditions will be over, subjugation through stringent economic policies by the west will be over; and Africans will have a say in their today and, by far, the future.