Unadulterated red tape and uncertainty about tax regimes in some African countries have been identified as two of the obstacles that hinder increased investments in Africa. This is compounded by the adoption of aggressive approach to tax administration that more often than not bogs down efficiency in investment and related transactions. Mr. Wilfred Okine, Head of Tax, Ernst & Young, in an interview with Times Business in Accra on the sidelines of Ernst & Young eighth Africa Tax Conference, said the tax pitfalls in Africa remain a worrying factor for wary investors. He said for Africa which was last becoming attractive to investors to make good use of the opportunity, it must harmonise its tax regimes. Mr. Okine said the numerous tax regimes across the African continent made investors to shy away from the continent. “How to manage tax risks is a major problem that investors have to deal with on the African continent,” he said. The conference was attended by clients of Ernst & Young who have made investments in Africa and clients in the process of making investments in Africa. Participants discussed inter-alia the most tax efficient ways of entry into a foreign jurisdiction, the compliance requirements in those foreign jurisdictions, the attitude of the revenue authorities in the target countries and generally what Ernst & Young can do to facilitate both the investment and ensure that clients' are compliant and good corporate citizens. “It is very refreshing to note that African governments and tax authorities are responding to globalisation by imposing tighter trading rules, and pursuing tax revenues with more determination,” he said. Mr. Okine said it was time for Africa to rake in more of the world's foreign investment, citing the remarkable growth in most countries as a signal that Africa was ripe for investment. “Ghana for example, has received a lot of commendation for growing the economy, making it the fastest growing economy in the world,” he said. Mr Okine said a research conducted by Ernst &Young indicated that perceptions about the African continent were becoming more distinctively positive over the long term. He said the only emerging region that was clearly ahead of Africa in terms of investor perception was Asia. The Ernst & Young’s 2011 Africa attractiveness survey revealed that business leaders were planning new developments and expanding existing ones, demonstrating why Africa’s share of the new global Foreign Direct Investment had steadily improved over the past decade.