Financial Statement Template (Ghana)
Financial Statements
[Company Name]
ORC Registration Number: [ORC Reg Number]
Financial Statements for the Year Ended [Financial Year End]
Prepared in accordance with [Reporting Standard] as adopted by the Institute of Chartered Accountants (Ghana) (ICAG) and the Companies Act 2019 (Act 992).
Registered Office: [Company Address]
Prepared by: [Prepared By]
Directors' Statement
The directors of [Company Name] present the following financial statements for the year ended [Financial Year End], approved by the Board on [Approval Date].
In the opinion of the directors, the financial statements give a true and fair view of the financial position of [Company Name] as at [Financial Year End] and of its financial performance and cash flows for the year then ended.
The financial statements have been prepared in accordance with [Reporting Standard] and comply with Section 125 of the Companies Act 2019 (Act 992).
The directors are not aware of any matter or circumstance arising since the end of the financial year which would render these financial statements misleading.
Approved by the Board and signed on its behalf by: [Director 1 Name] (Director) and [Director 2 Name] (Director).
Statement of Financial Position
As at [Financial Year End]
ASSETS
Total Current Assets: GHS [Total Current Assets]
Total Non-Current Assets: GHS [Total Non Current Assets]
LIABILITIES
Total Current Liabilities: GHS [Total Current Liabilities]
Total Non-Current Liabilities: GHS [Total Non Current Liabilities]
EQUITY
Total Equity: GHS [Total Equity]
Statement of Profit or Loss
For the year ended [Financial Year End]
Revenue: GHS [Revenue]
Gross Profit: GHS [Gross Profit]
Operating Profit: GHS [Operating Profit]
Profit Before Tax: GHS [Profit Before Tax]
Income Tax Expense (25% corporate rate under Income Tax Act 2015, Act 896): GHS [Income Tax Expense]
Profit After Tax: GHS [Profit After Tax]
Notes to Financial Statements
Basis of Preparation: These financial statements have been prepared in accordance with [Reporting Standard] on a going concern basis, using the historical cost convention, except where otherwise stated.
Tax: Corporate income tax is calculated at the applicable rate under the Income Tax Act 2015 (Act 896) administered by the Ghana Revenue Authority (GRA). Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Significant accounting policies, related party transactions, commitments, contingencies, and subsequent events are set out in the full notes to the financial statements prepared separately.
Independent Auditor's Report
Auditor: [Auditor Name]
Opinion: In our opinion, the financial statements give a true and fair view of the financial position of [Company Name] as at [Financial Year End] in accordance with [Reporting Standard] and the Companies Act 2019 (Act 992).
Director 1
________________
Signature
Director 2
________________
Signature
What Is a Financial Statement Template (Ghana)?
A Financial Statement Template in Ghana is a structured document prepared by a company to present its financial position, financial performance, and cash flows for a defined accounting period in compliance with the Companies Act 2019 (Act 992) and the applicable financial reporting standards adopted in Ghana. The Financial Statement Template (Ghana) covers three primary financial statements: the Statement of Financial Position (balance sheet), the Statement of Profit or Loss and Other Thorough Income (income statement), and the Statement of Cash Flows, together with explanatory notes.
Section 125 of the Companies Act 2019 (Act 992) requires every company incorporated under Act 992 and registered with the Office of the Registrar of Companies (ORC) to prepare financial statements for each financial year that give a true and fair view of the company's affairs and comply with generally accepted accounting principles. Ghana has adopted International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) for public interest entities and larger private companies, and IFRS for SMEs for smaller companies, as promulgated by the Institute of Chartered Accountants (Ghana) (ICAG).
The Institute of Chartered Accountants (Ghana) (ICAG), established under the Institute of Chartered Accountants (Ghana) Act 1963 (Act 170), is the professional accounting body that sets auditing and financial reporting standards in Ghana. Public interest entities in Ghana — companies listed on the Ghana Stock Exchange (GSE), banks licensed by the Bank of Ghana (BoG), insurance companies regulated by the National Insurance Commission (NIC), and companies employing more than 500 persons — are required to have their financial statements audited by a Chartered Accountant registered with ICAG and filed with the ORC and the relevant regulator.
The Ghana Revenue Authority (GRA) uses financial statements as the basis for assessing corporate income tax under the Income Tax Act 2015 (Act 896), value added tax under the Value Added Tax Act 2013 (Act 870), and other taxes. Financial statements must be prepared using accrual basis accounting in accordance with IFRS, and any departures from IFRS must be disclosed and justified in the notes.
A Financial Statement Template in Ghana must be distinguished from a Management Account (an internal financial summary for management decision-making, which is not required to comply with IFRS), from a Tax Return filed with the GRA (which adjusts accounting profit for tax purposes), and from a Statutory Declaration of Solvency used in a members' voluntary liquidation under the Companies Act 2019 (Act 992).
The legal framework governing the Financial Statement 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 Financial Statement 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 Financial Statement Template (Ghana)?
A Financial Statement Template in Ghana is needed whenever a company is required to prepare and present its accounts for shareholders, regulators, tax authorities, or lenders under the Companies Act 2019 (Act 992) and applicable financial reporting standards.
A Financial Statement Template is required when a company incorporated under the Companies Act 2019 (Act 992) and registered with the Office of the Registrar of Companies (ORC) prepares its annual financial statements to present at the Annual General Meeting (AGM) required under Act 992 and to file with the ORC together with the company's annual return.
A Financial Statement Template is needed when a company applies for a bank loan or overdraft facility from a Bank of Ghana-licensed commercial bank — such as GCB Bank, Ecobank Ghana, Absa Bank Ghana, or Standard Chartered Bank Ghana — which requires audited financial statements for the past two or three financial years as part of the credit assessment process.
A Financial Statement Template is required when a company listed on the Ghana Stock Exchange (GSE) prepares interim (quarterly and semi-annual) and annual financial statements for disclosure to the GSE and the Securities and Exchange Commission (SEC) under the Securities Industry Act 2016 (Act 929) and the GSE Listing Rules.
A Financial Statement Template is needed when a small and medium enterprise (SME) in Ghana registered with the National Board for Small Scale Industries (NBSSI) or operating under the Ghana Enterprises Agency (GEA) seeks grant funding, development finance from the Ghana Exim Bank, or investment from a venture capital firm regulated by the SEC, and must present financial statements in a credible standardised format.
A Financial Statement Template is required when a foreign company or investor performing due diligence on a Ghanaian business requests financial statements as part of the acquisition, merger, or investment process, requiring presentation in IFRS format familiar to international investors.
A Financial Statement Template is needed when preparing financial statements for submission to the Ghana Revenue Authority (GRA) as part of the company's annual self-assessment tax return under the Income Tax Act 2015 (Act 896) and Value Added Tax Act 2013 (Act 870).
What to Include in Your Financial Statement Template (Ghana)
A complete Financial Statement Template in Ghana under the Companies Act 2019 (Act 992) and IFRS must contain the following essential elements.
Statement of Financial Position (Balance Sheet): Assets — current assets (cash and cash equivalents at Bank of Ghana-licensed banks, trade receivables, inventories, prepayments) and non-current assets (property, plant and equipment, intangible assets, investments) — and Liabilities — current liabilities (trade payables, short-term borrowings, accrued expenses, GRA tax liabilities) and non-current liabilities (long-term bank loans, deferred tax) — and Equity (share capital registered at the ORC, retained earnings, other reserves) as at the financial year-end date. Assets and liabilities must be presented at their IFRS carrying amounts.
Statement of Profit or Loss and Other Thorough Income: Revenue from contracts with customers (disaggregated by product line or geography), cost of sales, gross profit, operating expenses (administrative, selling, distribution), operating profit, finance income and finance costs (including interest on Bank of Ghana-regulated borrowings), profit before tax, income tax expense calculated under the Income Tax Act 2015 (Act 896) at Ghana's applicable corporate tax rate (currently 25% for most companies, 35% for mining companies, 8% for free zone enterprises), and profit for the period.
Statement of Cash Flows: Cash flows from operating activities (direct or indirect method), investing activities (capital expenditure on property in Ghana, disposals, investments), and financing activities (bank borrowings, repayments, dividend payments), reconciling to the opening and closing cash balance.
Notes to the Financial Statements: Accounting policies adopted; significant estimates and judgements; related party transactions (particularly where shareholders are also directors of the company, which is common in Ghanaian private companies); details of bank facilities at Bank of Ghana-licensed lenders; commitments and contingencies; post-balance sheet events; and the going concern assessment required under IAS 1.
Auditor's Report: For companies requiring audit under Section 125 of the Companies Act 2019 (Act 992), a signed audit report by a Chartered Accountant registered with ICAG expressing an opinion on whether the financial statements give a true and fair view in accordance with IFRS.
Directors' Statement: A statement by the board of directors (signed by at least two directors) confirming approval of the financial statements and compliance with the Companies Act 2019 (Act 992). Forms-legal.com provides this template as a starting point; ICAG-registered accountants should be engaged for preparation and audit of statutory financial statements.
Additional compliance elements for a Financial Statement 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:
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}Frequently Asked Questions
Ghana has adopted International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) for public interest entities — companies listed on the Ghana Stock Exchange (GSE), banks licensed by the Bank of Ghana (BoG), insurance companies regulated by the National Insurance Commission (NIC), and companies employing more than 500 persons. Smaller and medium-sized companies may use IFRS for SMEs, a simplified version of IFRS also promulgated by the IASB and adopted in Ghana by the Institute of Chartered Accountants (Ghana) (ICAG). The Companies Act 2019 (Act 992) requires all companies to prepare financial statements that give a true and fair view, and Section 125 of Act 992 incorporates IFRS compliance by reference. The ICAG, established under the Institute of Chartered Accountants (Ghana) Act 1963 (Act 170), provides technical guidance on IFRS application in the Ghanaian context, including sector-specific guidance for financial institutions regulated by the Bank of Ghana and insurance companies regulated by the National Insurance Commission (NIC).
Under Section 125 of the Companies Act 2019 (Act 992), public companies and certain private companies in Ghana are required to have their annual financial statements audited by an independent auditor who is a member of the Institute of Chartered Accountants (Ghana) (ICAG) and holds a practising certificate. Public interest entities — GSE-listed companies, banks, and insurance companies — must be audited annually without exception. Private companies below a prescribed turnover threshold may qualify for an audit exemption under Act 992, but should check with the Office of the Registrar of Companies (ORC) for current thresholds. Banks licensed by the Bank of Ghana (BoG) are required to appoint an external auditor approved by the BoG under the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930). Insurance companies must appoint an approved auditor under the Insurance Act 2021 (Act 1061) administered by the National Insurance Commission (NIC). Even where a statutory audit is not required, the Ghana Revenue Authority (GRA) may request audited financial statements in connection with a tax audit or assessment.
Corporate income tax in Ghana is administered by the Ghana Revenue Authority (GRA) under the Income Tax Act 2015 (Act 896). The standard corporate income tax rate for companies incorporated under the Companies Act 2019 (Act 992) is 25%. However, sector-specific rates apply: mining and upstream petroleum companies pay 35%; companies in the free zones established under the Free Zones Development Act 1995 (Act 504) pay 8% after the initial tax holiday period; agricultural companies engaged in farming or agro-processing may qualify for reduced rates or exemptions under Act 896; financial institutions regulated by the Bank of Ghana pay 25%. In addition to corporate income tax, companies are subject to Value Added Tax (VAT) at 15% under the Value Added Tax Act 2013 (Act 870), the National Health Insurance Levy (NHIL) at 2.5%, and the Ghana Education Trust Fund Levy (GETFL) at 2.5%, together making the effective VAT rate on most standard-rated supplies approximately 21.9%. Financial statements must include a current and deferred tax charge calculated on these rates.
Under the Companies Act 2019 (Act 992), a company incorporated in Ghana and registered with the Office of the Registrar of Companies (ORC) must file its annual return — which includes a copy of the company's financial statements — within 28 days after the company's Annual General Meeting (AGM). The AGM must be held within 15 months of the previous AGM, or for a new company, within 18 months of incorporation. In practice, most Ghana companies hold their AGM within 6 months of the end of the financial year, making the effective annual filing deadline approximately 7 months after the financial year-end. Late filing of annual returns attracts penalties from the ORC. For GSE-listed companies, the Securities Industry Act 2016 (Act 929) and the GSE Listing Rules impose earlier deadlines: preliminary financial results within 45 days of the financial year-end, and full audited financial statements within 90 days of the financial year-end.
The Ghana Revenue Authority (GRA) uses a company's financial statements as the starting point for calculating the company's income tax liability under the Income Tax Act 2015 (Act 896). The GRA requires companies to submit their income tax self-assessment return — together with the audited financial statements — within four months after the end of the company's accounting year. The GRA then reconciles the accounting profit in the financial statements with the taxable income by applying prescribed adjustments: adding back non-deductible expenses (entertainment expenses exceeding the prescribed limit, excessive interest under thin capitalisation rules under Act 896), deducting exempt income, and applying capital allowances on qualifying assets at the rates prescribed by Act 896. Where the GRA believes the financial statements do not accurately reflect the company's income — for example, where transactions with related parties are not at arm's length — the GRA may conduct a tax audit, request supporting documentation from the company's ICAG-registered auditor, and issue an amended assessment. Companies with turnover above the GRA's prescribed threshold must also file VAT returns monthly and submit reconciling financial information to the GRA.
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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