The red color of the national flag of Ghana was used to represent the blood of the ancestors​​ who led the fight for independence and shared their blood through death. The country's fight for independence from the United Kingdom killed prominent Ghanaian leaders of the time. The names of the big six were Edward Akufo Addo, Dr. Ako Adjei, William Ofori Atta, Joseph Boakye Danquah, Emmanuel Obetsebi Lamptey, and later Osagyefor Dr. Kwame Nkrumah. The Big Six formed the United Gold Coast Convention (UGCC), an anti-colonial political party formed to gain Ghana's independence from British colonial rule. Red also represents the love that might have influenced our ancestors​​ who led the struggles for the independence of Ghana out of love for the nation.

The color gold occupies the center line of the three-color attraction and represents the mineral resources found primarily in the Ashanti region of Ghana, helping to harness the wealth of the country. Gold is one of the mineral resources of Ghana found mainly in Obuasi and Tarkwa in the Ashanti region. The enrichment of Ghana's gold resources led to the initial name Gold Coast, later changed to Ghana following the struggle and success of gaining independence in 1957. Ghana's other mineral resources are diamond, bauxite and the manganese.

Green symbolizes the rich forests and natural wealth of Ghana that provide the nation with oil, food, and cash crops such as cocoa, timber, shea butter, and all kinds of food products for the country. The color green to this day is used as a symbol of the green vegetation of crops in Ghana. Ghana is noted for its cash crop of cocoa, which was first brought to Ghana by Tetteh Quarshie of Fernando Po. Most of Ghana's cash crops are exported to overseas countries in exchange for physical cash that is used for the development of roads, schools, water, sanitation, and industries for employment in the country.

The black star of the national flag of Ghana is a symbol used to represent the emancipation of Africa and unity against colonialism. The black star was adopted from the flag of the Black Star Line, a shipping line incorporated by Marcus Garvey that operated from 1919 to 1922. It is from where the Ghana national football team derives its nickname, the "Black Stars".