Tax analyst Francis Timore Boi has cautioned against retaliatory actions targeting South African businesses operating in Ghana amid renewed tensions over xenophobic attacks on Ghanaians and their businesses in South Africa.
His comments follow growing public outrage over reports of attacks on foreign nationals in South Africa and calls for reciprocal measures against South African companies with operations in Ghana.
Speaking to Citi Business News, Mr. Boi condemned the attacks and criticised what he described as failures in leadership and law enforcement that have allowed such incidents to persist.
However, he warned that targeting legitimate South African-owned businesses in Ghana would be counterproductive and could undermine investor confidence in the country.
According to him, Ghana should resist calls to adopt an “eye-for-an-eye” approach by taking action against companies such as MTN and DStv, stressing that such measures would neither address the root causes of the problem nor strengthen economic cooperation across Africa.
“We see some level of failure in terms of leadership in South Africa and that is why you can see some individuals getting up, doing things as if there is no law. I do not subscribe to the fact that we should chase other businesses from other countries. But we need immediate solution,” he said.
Mr. Boi maintained that while the treatment of foreign-owned businesses and African migrants in South Africa is unacceptable, retaliatory measures against investors in Ghana would send the wrong signal to the international business community.
“I don’t think that what is going on in South Africa is right. But it also does not give us the right to immediately jump and say we want to go and take over the likes of MTN and DStv. It would be too harsh. It would be an eye for an eye and I think that we don’t need to go back again. We just have to move forward,” he added.
The analyst further argued that Africa’s focus should be on creating jobs and expanding economic opportunities rather than engaging in actions that could discourage investment.
He called for urgent diplomatic engagement and stronger intervention by regional and continental bodies, including the Economic Community of West African States and the African Union, to address rising incidents of xenophobic violence and ensure the protection of foreign nationals across the continent.
The issue has gained added urgency following reports that the Ghanaian government has begun evacuating some citizens from South Africa over safety concerns.
The developments have also intensified discussions about the future of South African investments in Ghana, including the renewal of the mining lease held by Gold Fields for the Tarkwa Mine, which is due to expire in 2027.
Mr. Boi urged policymakers not to allow current tensions to derail long-term economic relations between Ghana and South Africa, stressing that efforts should instead focus on securing justice for affected Ghanaians, strengthening regional cooperation and promoting shared prosperity across the continent.
Source:citinewsroom
