Balance Sheet Template (Ghana)
Statement of Financial Position
Statement of Financial Position (Balance Sheet)
[Company Name]
Registered with the Office of the Registrar of Companies (ORC) — Registration No.: [Company Reg Number]
Registered Address: [Company Address]
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at [Reporting Date] (with comparative figures as at [Prior Year Date])
Prepared in accordance with the Companies Act 2019 (Act 992) s.125 and International Financial Reporting Standards (IFRS) as adopted by the Institute of Chartered Accountants Ghana (ICAG). All amounts in Ghana Cedis (GHS).
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment (net of accumulated depreciation per IAS 16): GHS [PPE Net]
Intangible assets (net of accumulated amortisation): GHS [Intangible Assets]
Long-term investments and financial assets: GHS [Long Term Investments]
Deferred tax asset (IAS 12): GHS [Deferred Tax Asset]
CURRENT ASSETS
Inventories (valued per IAS 2): GHS [Inventories]
Trade receivables and other debtors: GHS [Trade Receivables]
Cash and cash equivalents (held at Bank of Ghana-licensed institutions): GHS [Cash And Equivalents]
Other current assets (prepayments and other): GHS [Other Current Assets]
LIABILITIES AND EQUITY
NON-CURRENT LIABILITIES
Long-term borrowings (from Bank of Ghana-licensed institutions): GHS [Long Term Borrowings]
Deferred tax liability (IAS 12): GHS [Deferred Tax Liability]
CURRENT LIABILITIES
Trade payables and accruals: GHS [Trade Payables]
Short-term borrowings and current portion of long-term debt: GHS [Short Term Borrowings]
Corporate income tax payable (Ghana Revenue Authority (GRA) — Income Tax Act, 2015 (Act 896)): GHS [Tax Payable]
SSNIT and PAYE deductions payable (National Pensions Act, 2008 (Act 766)): GHS [SSNIT Payable]
SHAREHOLDERS' EQUITY
Stated capital (Companies Act 2019 (Act 992)): GHS [Stated Capital]
Retained earnings / (accumulated losses): GHS [Retained Earnings]
Other reserves: GHS [Other Reserves]
Certification
These financial statements have been prepared in accordance with the Companies Act 2019 (Act 992) and International Financial Reporting Standards (IFRS) as adopted in Ghana by the Institute of Chartered Accountants Ghana (ICAG), and give a true and fair view of the financial position of [Company Name] as at [Reporting Date].
Prepared by: [Prepared By]
Director
________________
Signature
Preparer
________________
Signature
What Is a Balance Sheet Template (Ghana)?
A Balance Sheet Template in Ghana organises the details a party must supply for the purpose it serves.
Section 125 of the Companies Act 2019 (Act 992) requires every company incorporated in Ghana to prepare annual financial statements that give a true and fair view of the company's financial position and performance. The financial statements must include a statement of financial position (balance sheet), a statement of thorough income, a statement of changes in equity, a statement of cash flows, and notes to the financial statements. The ORC requires these financial statements to be filed as part of the company's annual return under section 126 of Act 992.
The Institute of Chartered Accountants Ghana (ICAG), established under the Institute of Chartered Accountants Ghana Act, 1963 (Act 170), is the professional body that regulates chartered accountants in Ghana and oversees the adoption of IFRS. Listed companies on the Ghana Stock Exchange (GSE), regulated by the Securities and Exchange Commission (SEC) under the Securities Industry Act, 2016 (Act 929), are required to prepare their financial statements in full compliance with IFRS as issued by the International Accounting Standards Board (IASB). Private companies with annual turnover below the threshold set by ICAG may apply the IFRS for SMEs standard instead.
The Ghana Revenue Authority (GRA) — specifically the Domestic Tax Revenue Division (DTRD) — requires companies to file their financial statements with their corporate income tax return under the Income Tax Act, 2015 (Act 896). The balance sheet is a key document in GRA tax audits and transfer pricing assessments under the Transfer Pricing Regulations, 2012 (LI 2188).
A Balance Sheet Template differs from an income statement (profit and loss account) — which shows revenues and expenses over a period — and from a cash flow statement — which shows movements in cash. The balance sheet is a point-in-time snapshot. Ghanaian courts, including the Commercial Court of the High Court in Accra, use audited balance sheets as evidence of a company's financial position in insolvency proceedings under the Companies Act 2019 (Act 992) and the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180).
The legal framework governing the Balance Sheet Template (Ghana) in Ghana draws on several key statutes and regulatory bodies. Under the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930), the Bank of Ghana (BoG) regulates banking. The Securities Industry Act 2016 (Act 929) and Securities and Exchange Commission (SEC Ghana) regulate capital markets. Section 48 of the Bills of Exchange Act 1961 (Act 55) governs promissory notes. The Ghana Revenue Authority (GRA) administers tax obligations. The National Insurance Commission (NIC) regulates insurance. Parties executing a Balance Sheet Template (Ghana) in Ghana should confirm the document reflects current law, including any amendments enacted since the original drafting date. The Companies Act 2019 (Act 992) sets the foundational requirements.
When Do You Need a Balance Sheet Template (Ghana)?
A Balance Sheet Template in Ghana is needed in a wide range of financial, corporate, and regulatory contexts.
A Balance Sheet is required when a company incorporated under the Companies Act 2019 (Act 992) prepares its annual financial statements for filing with the Office of the Registrar of Companies (ORC) as part of the annual return process required by section 126 of Act 992.
A Balance Sheet is needed when a Ghana-based company files its corporate income tax return with the Ghana Revenue Authority (GRA) under the Income Tax Act, 2015 (Act 896). The GRA requires audited or management financial statements including the balance sheet to support the tax computation.
A Balance Sheet is required when a company applies for a bank loan or credit facility from a Bank of Ghana-licensed commercial bank — such as GCB Bank, Absa Bank Ghana, Standard Chartered Bank Ghana, or Ecobank Ghana — as banks require current and prior-year balance sheets as part of their credit assessment process.
A Balance Sheet is needed when a company seeks investment from a private equity firm, venture capital fund regulated by the Securities and Exchange Commission (SEC), or angel investor in Ghana, as investors require audited balance sheets to conduct financial due diligence.
A Balance Sheet is required for companies listed on the Ghana Stock Exchange (GSE) in their quarterly and annual financial disclosures to the GSE and the Securities and Exchange Commission (SEC) under Act 929.
A Balance Sheet is needed when a company participates in a public procurement tender under the Public Procurement Act, 2003 (Act 663, as amended by Act 914), where procuring entities require evidence of the bidder's financial capacity.
Parties should use this Balance Sheet Template (Ghana) as a starting framework. All final balance sheets should be reviewed and certified by a chartered accountant registered with the Institute of Chartered Accountants Ghana (ICAG). Forms-legal.com provides this template as a starting point for Ghana financial documentation.
What to Include in Your Balance Sheet Template (Ghana)
A valid Balance Sheet in Ghana under the Companies Act 2019 (Act 992) and IFRS as adopted by the Institute of Chartered Accountants Ghana (ICAG) must contain the following essential elements.
Company Identification: Full legal name of the company as registered with the Office of the Registrar of Companies (ORC), ORC company registration number (e.g., CS-XXXXXXXXX), registered address in Ghana, and the reporting date (the specific date as at which the financial position is stated, in DD/MM/YYYY format).
Non-Current Assets: Property, plant and equipment (PPE) at cost less accumulated depreciation; intangible assets (goodwill, software, licences); long-term investments and financial assets; deferred tax assets under IAS 12; and other non-current assets. Ghanaian companies holding land and buildings must reflect values consistent with the Lands Commission of Ghana's registration records.
Current Assets: Inventories valued under IAS 2; trade receivables and other debtors; prepayments; cash and cash equivalents held at Bank of Ghana-licensed institutions; and short-term investments.
Non-Current Liabilities: Long-term borrowings from banks licensed by the Bank of Ghana; bonds and debentures; provisions for decommissioning or restoration; pension obligations under the National Pensions Act, 2008 (Act 766); and deferred tax liabilities.
Current Liabilities: Trade payables and accruals; short-term borrowings; current portion of long-term debt; tax payable to the Ghana Revenue Authority (GRA); SSNIT and PAYE deductions payable; and other current liabilities.
Shareholders' Equity: Stated capital (replacing the previous concept of share capital under Act 992); retained earnings or accumulated losses; other reserves; and non-controlling interests for consolidated balance sheets.
Notes and Disclosure: Accounting policies applied (IFRS or IFRS for SMEs), related-party disclosures required under IAS 24, contingent liabilities, and commitments. Listed companies on the Ghana Stock Exchange must additionally comply with GSE Listing Rules disclosure requirements.
Auditor's Report: While the template itself does not include the auditor's report, the balance sheet filed with the ORC and GRA must be accompanied by an audit report signed by a firm of chartered accountants registered with the Institute of Chartered Accountants Ghana (ICAG). Forms-legal.com provides this Balance Sheet Template as a starting point for Ghana corporate financial reporting.
Additional compliance elements for a Balance Sheet Template (Ghana) used in Ghana include: Under the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930), the Bank of Ghana (BoG) regulates banking. The Securities Industry Act 2016 (Act 929) and Securities and Exchange Commission (SEC Ghana) regulate capital markets. Section 48 of the Bills of Exchange Act 1961 (Act 55) governs promissory notes. The Ghana Revenue Authority (GRA) administers tax obligations. The National Insurance Commission (NIC) regulates insurance. Forms-legal.com provides this template as a starting point for Ghana-compliant documentation.
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Reference this free template in an article, syllabus, or research note:
Forms Legal. (2026). Balance Sheet Template (Ghana) (Ghana) [Legal document template]. Forms Legal. https://forms-legal.com/ghana/financial/forms/balance-sheet-template-ghana
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year = {2026},
howpublished = {\url{https://forms-legal.com/ghana/financial/forms/balance-sheet-template-ghana}},
note = {Free legal document template}
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Frequently Asked Questions
Yes. Under section 125 of the Companies Act 2019 (Act 992), every company incorporated in Ghana — whether public, private, limited by shares, limited by guarantee, or an external company — is required to prepare annual financial statements that include a statement of financial position (balance sheet). The financial statements must be filed with the Office of the Registrar of Companies (ORC) as part of the company's annual return within 28 days of the company's annual general meeting. Failure to file attracts penalties under Act 992. Sole traders and partnerships operating in Ghana are not incorporated companies and are therefore not subject to Act 992's balance sheet requirements, but they are still required to maintain financial records for Ghana Revenue Authority (GRA) purposes under the Income Tax Act, 2015 (Act 896).
Whether a Ghana company's balance sheet requires an audit depends on its size and category. Public companies and large private companies are required under the Companies Act 2019 (Act 992) and IFRS to have their financial statements audited by a firm of chartered accountants registered with the Institute of Chartered Accountants Ghana (ICAG). Small private companies below prescribed thresholds may qualify for an audit exemption and may instead file reviewed or compiled accounts. Listed companies on the Ghana Stock Exchange (GSE) are required to have their annual accounts fully audited in compliance with International Standards on Auditing (ISA) and to publish the audited accounts within three months of their financial year end. The Ghana Revenue Authority (GRA) generally requires audited accounts for medium and large taxpayers submitting corporate income tax returns under the Income Tax Act, 2015 (Act 896).
A balance sheet prepared by a Ghana-incorporated company must be presented in Ghana Cedis (GHS), the official currency of Ghana, unless the company's functional currency under IAS 21 is a foreign currency — for example, where the company derives substantially all its revenue and costs in US dollars (USD) from operations in a dollarized sector such as oil and gas. Where the functional currency differs from the Ghana Cedi, the financial statements must be translated into GHS for local reporting purposes using the exchange rates prescribed by IAS 21. The Bank of Ghana publishes daily official exchange rates that companies use for translation purposes. The Ghana Revenue Authority (GRA) requires tax computations to be performed in GHS regardless of the company's functional currency. Under Ghana law, specifically the Companies Act 2019 (Act 992), parties should seek independent legal advice to confirm compliance with all applicable requirements and confirm the document meets the standards set by the relevant regulatory authorities.
Ghana has adopted International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) for all companies incorporated under the Companies Act 2019 (Act 992). The Institute of Chartered Accountants Ghana (ICAG), established under the Institute of Chartered Accountants Ghana Act, 1963 (Act 170), oversees IFRS adoption and publishes guidance for Ghanaian entities. Listed companies on the Ghana Stock Exchange (GSE) must apply full IFRS. Private companies with lower turnover may apply IFRS for SMEs. Banks and specialized deposit-taking institutions regulated by the Bank of Ghana are subject to additional prudential reporting requirements under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and the Bank of Ghana's Prudential Guidelines, which may impose more stringent classification and provisioning requirements than IFRS alone.
The Ghana Revenue Authority (GRA), specifically the Domestic Tax Revenue Division (DTRD) and the Large Taxpayers Office (LTO), uses a company's balance sheet as a primary tool in corporate income tax assessments, transfer pricing reviews, and tax audits under the Income Tax Act, 2015 (Act 896). GRA auditors compare balance sheet figures across multiple years to identify unexplained increases in assets or decreases in liabilities that may indicate unreported income. The Transfer Pricing Regulations, 2012 (LI 2188) require multinational companies operating in Ghana to prepare transfer pricing documentation including financial statements, and GRA may benchmark related-party transactions against the arm's length standard using balance sheet data. GRA may also issue an advance ruling on the tax treatment of specific balance sheet items under section 84 of Act 896. Discrepancies between the balance sheet filed with the GRA and the balance sheet filed with the ORC may trigger a GRA investigation.
This template is provided for informational purposes only and does not constitute legal advice. Laws vary by jurisdiction and change over time. Consult a qualified attorney for advice specific to your situation.Full disclaimer
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