The Ghost Watershed, located app. 60 km west of Calgary, Alberta, covers almost 1,000 km². Most of the watershed is on public land within the Rocky Mountains Forest Reserve and the MD of Bighorn.

The Ghost River is a tributary to the Bow River, providing an average of 7% of the flow of the Bow upstream of Calgary.

The Ghost Watershed Alliance Society (GWAS) is a not-for-profit Watershed Stewardship Group (WSG) under Alberta's Water for Life Strategy working toward the Strategy's three main goals: "safe, secure drinking water; healthy aquatic ecosystems; and reliable, quality water supplies for a sustainable economy."

GWAS was established under the Alberta Societies Act in 2002. Under the Water for Life strategy, WSGs are tasked to promote best management practices, collaborate with land-use managers and undertake on-the-ground actions to protect the watershed.