Being the head of one of the world’s multilateral development banks is really a big deal.
Besides the billions of dollars they control and the power and influence they enjoy around the world, the heads of such institutions are accorded the same status as foreign ministers — in some cases, even heads of state — in diplomatic circles.
So it should be no surprise to anyone that the campaigning to fill such positions becomes such an intense race between countries whose citizens are candidates for the job.
The Sunday Times last week reported on brewing tensions between Pretoria and the Southern African Development Community (Sadc) over who should be the region’s candidate for the presidency of the African Development Bank (AfDB).
This position will become vacant at the end of August next year when the incumbent, Akinwumi Adesina of Nigeria — who has held the post since 2015 — finishes his last term of office.
President Cyril Ramaphosa’s cabinet endorsed a widely respected financial sector executive, Soweto-born Swazi Tshabalala, for the post. She served as the AfDB’s vice-president and CFO between 2018 and 2020, when she was promoted to senior vice-president — effectively making her Adesina’s second-in-command.
Following a highly contentious selection process, which some have dubbed grossly unfair as Tshabalala was apparently given little time to prepare, Sadc chose to go with Zambia’s Samuel Maimbo
Insiders say that when South Africa backed Adesina for the AfDB presidency back in 2014, it did so on the understanding that Nigeria would return the favour when South Africa’s turn came to bid for the job. But if indeed such a deal existed, it was informal and was between two heads of state — Jacob Zuma and Goodluck Jonathan — who have since left office.
Although it is not clear yet where the current Nigerian administration stands, Adesina is reportedly pushing for a Senegalese candidate who is believed to be quite close to him.
Besides, no matter how many friends a country may have around the continent, when it comes to positions such as this one, or that of chair of the AU Commission, it is considered prudent for that country to win the backing of its immediate neighbours first.
Enter Sadc. Given that Tshabalala had already served as senior vice-president and that a South African has never been the head of a multilateral development bank before, it was initially believed that the region would back her.
The bank is the largest development finance institution in Africa, with shareholder capital of more than $318bn (about R5.5-trillion).
Having been senior vice-president, Tshabalala has both the pedigree and the inside track needed to take the AfDB forward, South African lobbyists argue. Historically, southern African countries have not benefited as much as West Africa and other regions have in terms of financing from the bank. Tshabalala would change that, lobbyists say.
However, following a highly contentious selection process, which some have dubbed grossly unfair as Tshabalala was apparently given little time to prepare, Sadc chose to go with Zambia’s Samuel Maimbo.
On Friday, the Sadc secretariat — a body responsible for running the regional body’s affairs — issued a statement that can best be described as a blistering attack on the Sunday Times and our reporting on the matter.
Hard as one tried to see what they were pointing out as inaccuracies in our reporting, one could not detect any.
Our crime, if any, was to bring to light the simmering tensions and reveal that the South African government continues to lobby for Tshabalala among the rest of the 81 AfDB members, who include 54 African countries and 27 from Europe, Asia and the Americas.
Reading between the lines, the attack is not aimed at Sunday Times; the newspaper is being used as a proxy to take on the Ramaphosa administration.
We stand by our story and we are confident we have not misrepresented any facts. We may be a South African publication but we have no interest in fighting any government’s corner, not even Ramaphosa’s.
We will continue reporting the story because of its importance and significance, both on the local and global stage.
Zambia and South Africa have strong historical ties, but obviously Pretoria feels aggrieved that Lusaka would want its candidate to represent the region — Zambia has previously held the position while South Africa has not.
Maimbo doesn’t have as much experience at the AfDB as Tshabalala, but he is regarded as a World Bank insider, a fact that may sway such countries as the US.
But in their regional contest, South Africa, Zambia and Sadc should take care not to expend all their energies fighting each other — while Adesina’s Senegalese friend steals the race.
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