We apply a survey approach to investigate investment decision techniques and tools in practice among listed firms in Ghana. We find that chief financial officers (CFOs) consider the payback period the most used capital budgeting tool, which is not in line with current literature trends. For the cost of equity, the results indicate that there is low or no effort by CFOs in estimating it when calculating the cost of capital. This implies CFOs may be using the cost of debt as the cost of capital. This article provides the improvement opportunities that may support firm value maximisation in a frontier market.

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