The concept of Corporate Social Responsibility (CSR) and stakeholder management is relatively new to the Ghanaian business sector. Unilever Ghana ltd. has consistently had a prominent CSR drive in Ghana for several years. It has been found that stakeholder involvement in CSR is important for implementing relevant CSR programs which creates goodwill, good reputation and enhances business value. It is on this basis that this case study of Unilever Ghana was conducted. It investigates the CSR process of the company, the involvement and management of stakeholders in that regard and the relationship with corporate (financial) performance. Using the stakeholder approach as theoretical frame, interviews with open-ended questioning style as well as documents are used as sources of evidence. Analysis of the data is done with the help of building empirical models which will serve as guidelines for management practitioners dealing with stakeholder relations and CSR in modern Ghana.