Tax analyst Francis Timore Boi has cautioned against any retaliatory actions 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 with operations in Ghana.

Speaking to Citi Business News, Mr. Boi condemned the attacks and criticised 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 would neither resolve the underlying problem nor advance economic cooperation on the continent.

“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 and risk damaging Ghana’s reputation as a stable investment destination.

“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. Other countries and other continents are moving forward. But with all our resources, how can we say that we cannot even create jobs for our people? It is very pathetic,” he added.

Instead, he called for urgent diplomatic engagement and stronger intervention by regional and continental institutions, including the Economic Community of West African States and the African Union, to address the growing incidents of xenophobic attacks and ensure the protection of foreign nationals across the continent.

The issue has gained additional significance following reports that the Ghanaian government has begun evacuating some of its citizens from South Africa amid safety concerns.

The developments have also intensified debate around the future of South African investments in Ghana, particularly discussions surrounding the renewal of the mining lease held by Gold Fields for the Tarkwa Mine, which is scheduled to expire in 2027.

Mr. Boi argued that the current tensions should not be allowed to undermine long-term investment relations between the two countries, emphasising that the focus should remain on securing justice for affected Ghanaians, strengthening regional cooperation and creating economic opportunities that benefit citizens across Africa.