Ghana is one of the most industrious countries within the West African region with a high trade inflow (Coffie et al. 2018). However, doing business in Ghana is at a high cost (Coffie et al. 2018) Despite the rise in the cost of doing business in Ghana, studies on factors of cost of capital (CoC) such as audit, corporate governance dimensions, etc. are limited. This is collaborated by the low participation in the stock market by firms in Ghana. This study focuses on the cost of capital and audit quality (AQ) since its outcome provides some level of understanding of these phenomena. Moreover, debt financing constitutes a higher proportion of a firm's capital structure, and research is limited on whether audit quality reduces costs associated with investments in the country.