You are using the term in a racist context , yes.
Wiki: Banana republic defined:
"The term was originally invented as a very direct reference to a "servile dictatorship" which abetted (or directly supported in return for kickbacks) the exploitation of large-scale plantation agriculture (usually banana)"
"In modern usage the term has come to be used to describe a generally unstable or "backward" dictatorial regime, especially one where elections are often fraudulent and corruption is rife. By extension, the word is occasionally applied to governments where a strong leader hands out appointments and advantages to friends and supporters, without much consideration for the law. A banana republic can also be used to describe a country where a large part of its economy and politics are controlled by foreign powers or even corporations."
There are no socialistic values with the term 'banana republic.' Given this definition, it is more in line with the Bush Administration giving out 'no-bid' contracts to Haliburton and not making Blackwater Corp. accountable for accidental deaths in Iraq.
Since Obama is not currently in office as the President, this reference to him is a poor attempt to seem witty. It seem like another far right wingers not informed on the issues, and rather smear someone as a monkey (an animal that eats bananas).