Ghana Corporate Tax - Guide for International Expansion

Are you planning to expand your business operations to Ghana? Understanding the country's corporate tax landscape is essential for making informed decisions about your West African expansion strategy.

Ghana offers a relatively stable business environment in West Africa, with a corporate tax system that balances revenue generation with investment incentives. Whether you're establishing a new subsidiary or exploring market opportunities, getting to grips with Ghana's tax obligations will help ensure smooth operations and compliance from day one.

And when it comes to managing your international payments and tax obligations efficiently, Wise Business can help streamline your cross-border transactions with competitive exchange rates and transparent fees.

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*This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Wise Payments Limited, its subsidiaries or affiliates, and it is not intended as a substitute for obtaining business advice from a tax advisor or any other professional. *

Ghana Corporate tax rate in 2025

The standard corporate income tax rate in Ghana is 25% for resident companies. This rate applies to the worldwide income of companies that are considered tax residents of Ghana, which includes companies incorporated in Ghana or effectively managed from Ghana.¹

Ghana’s tax system provides several industry-specific and location-based variations. Mining and upstream petroleum companies are taxed at 35%, while companies in the hotel sector pay a reduced rate of 22%. Exporters of non-traditional goods and services may qualify for a reduced rate of 8%, and financial institutions providing loans to agricultural or leasing enterprises may be taxed at 20% for that portion of their income.¹

Enterprises operating within Ghana’s Free Zones enjoy a 10-year corporate tax holiday at 0%. After this period, export sales are taxed at 15%, while domestic sales are taxed at the standard 25% rate.²

In addition to corporate income tax, Ghana applies the Growth and Sustainability Levy (GSL) on profits before tax, which is not deductible for CIT purposes.

This levy currently applies at varying rates across industries, with gold mining companies facing a rate of 3% on gross production, and other mining and upstream oil and gas companies paying 1% of gross production.¹

Companies must file annual tax returns within four months of the end of their accounting year and make quarterly advance tax payments throughout the tax year. The Ghana Revenue Authority (GRA) is responsible for administering and collecting corporate income tax.³

How to pay corporate tax in Ghana

Corporate tax payments in Ghana must be made in Ghana Cedis (GHS) through the Ghana Revenue Authority’s electronic systems.

Companies are required to make quarterly advance tax payments based on self-assessment, due on or before the last day of each quarter, typically 31 March, 30 June, 30 September, and 31 December for companies following the calendar year. The final balance, if any, must be paid when filing the annual corporate tax return, which is due four months after the end of the accounting year.³

Late payment of corporate tax attracts penalties and interest.Where tax is not paid by the due date, a penalty is calculated at 125% of the statutory rate, compounded monthly, and applied to the amount outstanding at the start of the period. Late payment of corporate tax attracts penalties. A penalty is charged at 125% of the statutory rate, compounded monthly, on the unpaid amount.³

For example, if a company with annual turnover of GHS 19.5 million (approximately £1.5 million) operates with a 10% profit margin, it would have taxable profits of GHS 1.95 million.

At Ghana's standard corporate tax rate of 25%, the tax liability would be:

GHS 1.95 million × 25% = GHS 487,500 (approximately £37,500)

When expanding your business to Ghana, the right financial tools will make the process smoother. Using a platform like Wise Business makes it easy to manage international finances. A multi-currency account allows businesses to pay for incorporation costs, registration fees, and government taxes in local currency without paying high exchange rate fees.

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Tax Compliance in Ghana

The tips to keep your company fully compliant with the Ghana tax regulations:

• Register with the Ghana Revenue Authority (GRA): All businesses must obtain a Tax Identification Number (TIN) to operate legally. The GRA system distinguishes direct taxes (such as corporate tax, personal tax, and tax on chargeable gains) and indirect taxes (such as VAT and import duties).⁴
• Submit tax returns on time: Companies must file tax returns no later than four months after the end of their financial year. If needed, an extension of up to two months may be requested. Where tax is not paid by the due date, penalties apply at 125% of the statutory rate, compounded monthly. This makes timely compliance essential when planning around the minimum corporate tax obligations.
• File annual returns with the Registrar: Every company must submit annual returns, including particulars of members, financial statements, and the auditor’s report. External companies are not exempt. Failure to file may result in penalties. Companies Limited by Shares or by Guarantees are to pay for only 10 years should their year defaulted exceed 10 years.⁵
• Maintain accurate financial records: A strong record-keeping system supports your broader corporate tax strategy and reduces risk during audits.
• Prepare for possible audits: The GRA may review specific tax types (e.g., VAT or corporate tax) or various financial years. Regularly reviewing filings and ensuring all income and expenses are accurately declared will help avoid penalties and ease the audit process.

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International Expansion to Ghana

Ghana continues strengthening its position as a gateway for investment in West Africa. Its population is around 34 million, and half of these are below 25. This indicates that a majority of the population here is digitally connected.⁶ This abundance of labour force is attractive to global investors. Beyond its traditional reliance on agriculture, mining, and oil and gas, Ghana’s financial services, construction, education, franchising, and digital sectors are also experiencing rapid growth.

One of Ghana’s key advantages is its role as host of the African Continental Free Trade Area (AfCFTA) Secretariat, placing it at the heart of Africa’s regional integration efforts.⁷ From Ghana, companies can access the broader West African market of over 300 million people and benefit from the country’s strategic connectivity by air, sea, and road.⁸ The official language of business is English, which reduces entry barriers for international companies.⁶

Political stability is another important factor. Ghana has a long history of democracy and peaceful transitions. This environment provides a safe and secure base for investment. The government’s reform agenda, backed by an IMF Extended Credit Facility worth $3 billion, demonstrates its commitment to fiscal discipline and economic stability. GDP growth has also remained steady, reaching 2.9% in 2023 and climbing to 5.7% in 2024.⁶

In this country, foreign investors can benefit from 100% ownership allowances.⁹ This improves tax incentives and efforts to simplify business registration processes. With foreign direct investment (FDI) stock at USD 47.36 billion by the end of 2023, Ghana ranks as the third-largest recipient of FDI in West Africa.⁹ These advantages, combined with an improving framework for Ghana corporate tax rate compliance, make it a promising location for expanding businesses.

Below are the steps to follow when starting a business in Ghana:¹¹

1. Develop a business plan tailored to the market.
2. Decide on your business type, name, and location.
3. Obtain a Tax Identification Number (TIN) from the Ghana Revenue Authority.
4. Register your company with the Registrar General’s Department.
5. Open a business bank account and register with the Social Security and National Insurance Trust (SSNIT).

Ghana can be a profitable base forbusinesses moving beyond their primary location. Still, ensure that you do the due diligence before you make the final call.

Incorporation of Business in Ghana

To incorporate a business in Ghana, you must register with the Office of the Registrar of Companies (ORC). The process generally involves the following steps:¹²

• Company name search: confirm that the proposed business name is available.

• Obtain incorporation forms (Form 3): purchase from the ORC in-house bank or download online.

• Consent letter from a licensed accountant: a chartered accountant registered with the Institute of Chartered Accountants, Ghana, must agree to serve as the company’s auditor. Auditors may serve for a maximum of six years before rotation is required.

• Statutory Declaration: each director must sign a declaration confirming eligibility to act as a company officer. A Commissioner for Oaths, Notary Public, or self-declared must witness this.

• Directors: at least two directors are required. Each must submit a Statutory Declaration and Consent Letter with the registration forms.

• Submission of forms: completed documents must be submitted at the ORC registration counter for verification and capture, or online through the official portal.

• Pay fees and stamp duty: GHS 450 incorporation and filing fee plus 1% stamp duty on the stated capital. Payment can be made at the in-house bank or via ghana.gov.gh.

• Optional VIP processing: available for an additional fee of GHS 1,000.

• Approval and issuance: upon review, the Registrar issues a (1) Certificate of Incorporation, (2) certified copy of the company’s constitution, (3) certified copy of Form 3, and (4) beneficial ownership profiles.

• Annual returns: companies must file their first yearly returns with audited financial statements within 18 months of incorporation, and annually thereafter. The filing fee is GHS 90.

Business Entities in Ghana

Ghana’s corporate framework is governed by the Companies Act, 2019 (Act 992), which recognises several business entities:^{13 10}

• Company Limited by Shares: The most common profit-driven entity where shareholders’ liability is limited to the value of their shares.
• Company Limited by Guarantee: Suited for not-for-profit organisations; these entities are exempt from corporate tax but must withhold and pay employee income tax.
• Company Unlimited by Shares: Typically used by professional firms, shareholders’ liability is not limited by their shares.
• Sole Proprietorship: Owned and controlled by a single individual, personally liable for all obligations.
• External Company: A foreign company incorporated abroad but registered to do business in Ghana, subject to Ghanaian tax laws.
• **Incorporated Partnership: **Formed by two to twenty individuals; partners share profits but remain personally liable.

International corporate tax best practices

Managing corporate tax obligations across multiple jurisdictions requires a strategic approach that balances compliance with efficiency. Here are key practices that can help international businesses navigate Ghana's tax environment effectively.

Establish proper tax residency and transfer pricing documentation from the outset. Ghana follows OECD transfer pricing guidelines, and companies with related-party transactions exceeding GHS 2 million annually must prepare transfer pricing documentation. This helps ensure that intercompany transactions are conducted at arm's length and reduces the risk of tax adjustments.

Take advantage of Ghana's double taxation agreements (DTAs). Ghana has signed DTAs with over 20 countries, including the UK, Germany, France, and South Africa. These agreements can significantly reduce withholding taxes on dividends, royalties, and interest payments, making it more cost-effective to repatriate profits or pay for services from treaty countries.

Maintain comprehensive financial records and implement robust internal controls. The GRA conducts regular tax audits, and having well-organised documentation can expedite the process and demonstrate good faith compliance. Companies should also consider engaging local tax advisors who understand Ghana's specific requirements and can provide guidance on available incentives and compliance obligations.

Take the complexity out of international expansion with Wise Business

Researching corporate tax is a crucial step when expanding your business into a new country. The next step is setting up the financial infrastructure to handle the complexities of operating across borders, from managing multi-currency cash flow to mitigating FX risk.

The Wise Business account provides the financial tools to make your international expansion to Ghana efficient and simple. It's the one account for managing your money globally.

With a Wise Business account*, you can:

• Pay suppliers and initial fees: Pay suppliers, global payroll, and one-off incorporation costs in the local currency.

• Manage your money across borders: Hold and exchange 40+ currencies in one account, always with the mid-market exchange rate and low, transparent fees.

• Streamline your accounting: Integrate with tools like Xero or QuickBooks to simplify tracking your company's international finances.

• Empower your team: Provide multi-user access for your finance team and issue expense cards for international spending.

Wise is designed to support every step of your journey, from paying your first registration fee to receiving international payments and managing your global treasury.

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*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

FAQs - Corporate tax in Ghana

Who is liable for corporate tax in Ghana?

Non-resident persons are liable for tax on income that has a source in Ghana. Where a non-resident person has a Ghanaian permanent establishment (PE), any income connected with the PE is assessed to tax. Sole proprietorships and incorporated partnerships are not subject to corporate tax under the Companies Act, 2019 (Act 992), which governs companies in Ghana.

Are there any tax incentives for businesses in Ghana?

Yes, Ghana offers several tax incentives. Free zone companies enjoy a 10-year tax holiday followed by an 8% corporate tax rate.

The Ghana Investments Promotion Centre Act, 2013 (Act 865) provides various incentives to encourage strategic or major investments in the country, particularly in the areas of agriculture; manufacturing industries; construction and building industries; mining; and tourism, which can include reduced CIT rates and exemption from customs import duties.

Additionally, companies investing in rural or economically disadvantaged areas may qualify for additional tax benefits.

What is the tax treatment of dividends in Ghana?

Dividends paid by Ghanaian companies are subject to withholding tax for residents and non-residents, which may be reduced under applicable double taxation agreements.

The company paying the dividend is responsible for deducting and remitting the withholding tax to the GRA.

What is the process for registering for corporate tax in Ghana?

Companies must register with the Ghana Revenue Authority within 30 days of commencing business operations. Companies must register with the Ghana Revenue Authority, and the Tax Identification Number (TIN) is a document required for business registration with the Office of the Registrar of Companies.

Companies must obtain a Tax Identification Number (TIN) which must be used for all tax-related transactions.

What are the common pitfalls to avoid regarding corporate tax in Ghana?

Common pitfalls include failing to register with the Ghana Revenue Authority, as not registering can attract penalties. Companies should also ensure they adhere to transfer pricing regulations, as transfer pricing is a topic of focus for the tax authorities.

Companies should also ensure they understand the specific tax obligations for their sector, as mining, petroleum, and financial services companies have additional compliance requirements.

Sources used in this article:

1. PwC Tax Summaries: Ghana Taxes on Corporate Income
2. PwC Tax Summaries: Ghana Tax Credits and Incentives
3. PwC Tax Summaries: Ghana Tax Administration
4. IPMC Ghana: GRA Tax Regulations in Ghana
5. Office of the Registrar of Companies (ORC): Filing of Annual Returns
6. U.S. Trade.gov: Ghana Market Overview
7. U.S. Department of State: 2023 Investment Climate Statements - Ghana
8. Afrika.vc: Why Investing in Ghana is a Smart Move
9. Understanding Foreign Ownership and Investment Regulations in Ghana
10. HG.org: Types of Companies in Ghana
11. How to Start a Business in Ghana as a Foreigner
12. ORC: Registration of Company Limited by Shares
13. Cliffe Dekker Hofmeyr: Legislation Governing Companies in Ghana

Sources last checked 12/12/2025