Tax analyst Francis Timore Boi has urged Ghana to safeguard South African investments despite growing public outrage over renewed xenophobic attacks against Ghanaians and their businesses in South Africa.
His call comes as tensions rise following reports of attacks on foreign nationals in South Africa and increasing demands from some quarters for reciprocal action against South African-owned companies operating in Ghana.
Speaking to Citi Business News, Mr. Boi condemned the attacks and attributed the situation partly to weaknesses in leadership and law enforcement in South Africa. However, he warned that targeting legitimate South African businesses in Ghana would be harmful to the country’s investment climate and economic prospects.
According to him, proposals to take action against major South African companies such as MTN and DStv would amount to an “eye-for-an-eye” response that could damage Ghana’s reputation as a safe destination for foreign investment.
Mr. Boi stressed that while the treatment of foreign nationals and businesses in South Africa is unacceptable, Ghana must resist the temptation to retaliate against investors who are contributing to the local economy.
He argued that African countries should focus on strengthening economic cooperation and creating jobs rather than engaging in actions that could discourage investment and deepen divisions on the continent.
Instead of retaliation, he called for swift diplomatic intervention and stronger action from regional and continental bodies, including ECOWAS and the African Union, to address xenophobic violence and ensure the safety of African migrants and foreign-owned businesses.
The debate has gained further momentum following reports that the Ghanaian government has begun evacuating some citizens from South Africa due to security concerns.
Mr. Boi also cautioned against allowing the current tensions to influence major investment decisions, including discussions surrounding the renewal of Gold Fields’ mining lease for the Tarkwa Mine, which is due to expire in 2027.
He maintained that Ghana and South Africa should preserve their long-standing economic ties while pursuing justice for affected Ghanaians and working towards lasting solutions that promote regional integration and shared prosperity.
