The Ghanaian government has announced plans to evacuate 300 of its citizens from South Africa, as anti-immigrant violence continues to grip parts of the country. The UK, ever the global good Samaritan, has offered logistical support for the operation. One cannot help but view this through the lens of capital flight: when a country’s social fabric frays, it is not only people who flee but also investment and economic confidence.

The rand has already felt the pressure, and this evacuation will do little to reassure markets. The cost of this repatriation, both financial and reputational, will ultimately be borne by the Ghanaian taxpayer. One wonders if the UK’s offer of support is a diplomatic gesture or a hedge against its own exposure to South African markets.

Either way, the ripple effects of these riots will be felt in bond yields and risk premiums long after the last evacuee lands in Accra.