Tax analyst Francis Timor Boi has cautioned against any retaliatory measures targeting South African businesses operating in Ghana, following renewed tensions over xenophobic attacks on Ghanaians and their businesses in South Africa.
His comments come amid growing public anger over reports of attacks on foreign nationals and calls for reciprocal measures against South African companies operating in Ghana.
talking to City Business NewsMr Boe condemned the attacks and criticized what he described as shortcomings in leadership and law enforcement in South Africa.
However, he argued that targeting legitimate businesses would be counterproductive and could undermine investor confidence.
According to him, Ghana should avoid adopting an “eye for an eye” approach by moving against South African-owned companies, stressing that such actions will neither solve the underlying problem nor promote economic cooperation on the continent.
He said, “We see some level of failure in terms of leadership in South Africa and that is why you can see some individuals acting as if there is no law. I do not agree with the fact that we should be chasing other businesses from other countries. But we need urgent solutions.”
Mr Boe said that while the treatment of foreign-owned businesses and the African diaspora in South Africa is unacceptable, retaliating against investors in Ghana would send the wrong signal to the international business community and risk damaging Ghana's reputation as a stable investment destination.
“I don't think what's happening in South Africa is right. But that doesn't give us the right to immediately jump in and say we want to take over companies like MTN and DStv. That would be too harsh. It would be an eye for an eye and I think we don't need to go back again. We just have to move on. Other countries and other continents are moving on. But with all our resources, how can we say that we can't also create jobs for our own people That's pathetic,” he added.
Instead, he called for immediate diplomatic engagement and strong intervention by regional and continental institutions, including the Economic Community of West African States and the African Union, to address the increasing incidents of xenophobic attacks and ensure the safety of foreign nationals across the continent.
The issue has gained added importance following reports that the Ghanaian government has begun evacuating some of its citizens from South Africa amid security concerns.
This development has also intensified debate over the future of South African investment in Ghana, particularly discussions regarding the renewal of the mining lease held by Gold Fields for the Tarkwa mine, which is due to expire in 2027.
Mr Boi argued that the current tensions should not be allowed to weaken the long-term investment relationship between the two countries, stressing that the focus must remain on achieving justice for affected Ghanaians, strengthening regional cooperation and creating economic opportunities that benefit citizens across Africa.