Knowledge management (KM) is regarded as a strategic asset and a source of competitive advantage for organisations. While the issues of KM have been widely discussed by many researchers, there is a paucity of studies pertaining to the role of KM in enhancing the performance of universities, especially Ghanaian universities. Similarly, there is the lack of formal strategy that would provide an appropriate framework for these systems to ensure maximum utilisation of available knowledge for competitive advantage. Due to this, Ghanaian universities have been continually reinventing the wheel each time they lose knowledge through expertise leaving the universities. This loss of knowledge through expert staff exiting raises the need to have systems and strategies in place that will help the universities to capture that relevant knowledge. The research thus set out to address these problems by assessing the implementation of KM systems in Ghanaian universities and the strategies that could be adopted to manage and safeguard knowledge as a competitive advantage and for future use.