Python module and object names clash

In my opinion there is nothing wrong with what you are currently doing, but to make it more clear for everyone reading the code I would suggest changing your code to something like the following:

import foo as foo_mod

foo = foo_mod.Foo()

Or alternatively:

from foo import Foo

foo = Foo()

This prevents the name clash so it will be more obvious that the variable foo in your module is not going to refer to the module of the same name.