This study examined the psychometric properties of a revised version of the Colonial Mentality Scale in a sample Ghanaian young adults (CMS-G; N = 431). In addition, the degree to which mental health and self- and group-concept was effected by internalized notions of colonial mentality was assessed. Both exploratory and confirmatory factor analyses were used to evaluate the underlying factor structure of the CMS-G. The findings indicated that the CMS-G produced a four-factor orthogonal model as best representing the construct of colonial mentality among Ghanaian young adults. CMS-G scores correlated in the anticipated direction with self-esteem, collective self-esteem, anxiety, and depression. Additional analyses indicated that Ghanaian young adults endorsed colonial mentality items associated with physical characteristics and colonial debt with a higher frequency than other CMS-G items. Men endorsed colonial debt items statistically significantly more than women. Implications for the study’s findings are discussed and recommendations for future research are presented.