Standard Bank Group Chief Executive Sim Tshabalala has warned that rising anti-immigrant protests in South Africa could undermine Africa’s economic integration and damage businesses operating across the continent.
Speaking at the Kgalema Motlanthe Foundation’s Winter Seminar on migration in Johannesburg, Tshabalala said hostility towards migrants was already affecting the perception of South African companies in other African markets.
“We’ve observed a profound and visceral hostility to South African companies operating elsewhere on the continent,” Tshabalala said, noting that the backlash threatens decades of progress in regional trade and investment.
Standard Bank, Africa’s largest lender by assets, operates in 22 countries across the continent, with about 40% of its earnings generated outside South Africa. Tshabalala said growing anti-immigrant sentiment risks weakening the economic ties that have helped African businesses expand beyond their domestic markets.
He rejected claims that migrants take jobs from local citizens, arguing instead that migration supports economic growth.
According to Tshabalala, migrants contribute to the economy not only as workers but also as consumers, entrepreneurs, borrowers, traders and taxpayers, helping to stimulate demand and create employment opportunities.
His comments come amid heightened tensions in South Africa over undocumented immigration, with protests prompting criticism from several African countries. Ghana and Nigeria have indicated they could seek discussions at the African Union over the treatment of African migrants in South Africa.
MTN Group Chief Executive Ralph Mupita echoed the concerns, saying the same company had witnessed widespread anger in key markets including Ghana, Nigeria and Uganda following recent anti-migrant demonstrations. MTN generates most of its earnings outside South Africa, making regional stability critical to its business.
Former South African President Kgalema Motlanthe attributed the rise in anti-immigrant sentiment to weak economic growth, competition for scarce resources and a limited understanding of the country’s long history of migration and regional economic interdependence.
Participants at the seminar also criticised political leaders for failing to counter xenophobic rhetoric, warning that continued hostility toward migrants could erode investor confidence and threaten the goals of the African Continental Free Trade Area, which aims to deepen trade and economic integration across the continent.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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