The thing about Basenjis is they will play, cuddle, show affection, when it suits them, and it is very difficult to make a child understand this. But you must. You have to keep the child from ignoring warning signs - often a soft rumble, not even a growl - when the Basenji needs its own space.
For this reason, I have never sold a puppy into a household where there are very young children. Except once. But I watched that particular three year old with my own pack for quite a while and knew for sure that the parents would train the child. Some 18 years later, those parents bought that young lady, no longer a child, a Basenji puppy from me for her 21st birthday present !
You have to train the child, the dog needs space and frankly, respect.
Keep a very close eye on the situation and whisk the child away at the first signs from the Basenji, or better perhaps, forbid the child from approaching the dog at all unless you are close by, preferably on the floor with them or at least on the same level.
This is one occasion when you have to side with the dog against the child. The dog is behaving perfectly naturally, for a Basenji. It wants to dictate the time for cuddles and play. Life with a Basenji is always on its terms.
If you are not able to do this, better to let the Basenji go to a new home before any traits become engrained. Let it go without too much unnecessary 'baggage.' It would perhaps be the best thing for the dog and you can get one when your son is old enough to learn and you will have gained from this experience.