The main purpose of this study was to assess the impact corporate governance has on thin capitalization in Ghana. In view of this, the study aims to; investigate corporate governance variables determining thin capitalization practices in Ghana and also ascertain the depth at which corporate governance affect thin capitalization. The study used panel data of 42 listed companies on the Ghana stock exchange market for the period 2014 to 2018. The study used panel data methodologies such as panel correlation matrix, co integration tests, robust least square, and granger causality test. The study found that corporate governance has a significant impact on thin capitalization thus the employment of external auditors tend to report the true picture of firms and disclosure of directors‟ reports reveal the true position of corporation hence it negatively affect thin capitalization. Meanwhile, the background of the board of directors, the age of the board and concentrated ownership of firms as in family ownership positively impact thin capitalization thereby increases thin capitalization. To increase leverage in firms, the study found that private ownership has more advantage to increases a firm‟s leverage whiles state owned firms decreases a firm‟s leverage.