In this paper, Loglet analysis and growth accounting framework have been employed to investigate the rate of diffusion of information and communication technologies (ICT) and the contribution of ICT capital to GDP growth in Ghana over the period 1999-2004. The Loglet analysis indicates that the rate of diffusion of both fixed line and mobile phone services has been phenomenal. For example, Growth Time which is the time required for the trajectory to grow from 10% to 90% of saturation level is 2.5 years for both fixed line and mobile phone services. That of Internet services is 2 years.  It has however, been observed that the effect of ICT capital on growth was not significant even though it was positive.