In the version of Ghost I know of, you are not allowed to add letters to the beginning, only the end. So the letters you use have to form the start of a word.

I was bored, so I solved this game for two players, assuming that the valid words consist of words in the TWL98 dictionary that are more than three letters long.

It's a second-player game. Not too many games are. What this means is that no matter what the first player does, the second player can do something to force a win.

Perhaps I'll make "Everything2 Ghost" to prove it.