Let G be an infinite, compact abelian group, E be a homogeneous Banach space over G and \(\mathcal {L}\left( E\right) \) be the space of all continuous linear operators from E into itself equipped with the operator norm. Translation operators are isometries in E (by definition) and so the closed subalgebra \(\mathfrak {m}\left( E\right) \) of \(\mathcal {L}\left( E\right) \) consisting of those operators which commute with all translations is well defined. It is shown that there exists a contractive projection \( \mathcal {Q}\) of \(\mathcal {L}\left( E\right) \) onto \(\mathfrak {m}\left( E\right) \) which is positivity preserving. Moreover, every operator \( \mathcal {Q}\left( T\right) \in \mathfrak {m}\left( E\right) \) , with \(T\in \mathcal {L}\left( E\right) \) , is induced by a unique Fourier multiplier function \(\hat{T}\in \ell ^{\infty }\left( \Gamma \right) \) , where \(\Gamma \) is the dual group of G. In the setting of the homogeneous Banach spaces \( L^{p}\left( G\right) \) , for \(1\le p<\infty \) and G an amenable group, these results are due to W. Arendt and J. Voigt.