This work looked at the profitability of the Telecoms industry in Ghana from 2002 to 2006 by finding the correlation between any two of both profitability ratio and non-ratio measures , as well as trend analysis of the same. The impact of assets, liabilities, and revenue on NP, EBIT, and GP were also accessed. At the industry level, revenue increased 5 times at the end 2006, taking 2002 as base year. TA and NA increased 4 times each from 2002 to 2006; this was revealed in the positive correlations between NA and ROA, ROE and ROA, and DE and DAR. Shareholders equity increased with industry assets proportionately from 2002 to 2006. Industry NP increased considerably from 2002 to 2006. NPM also increased considerably from 2002 to 2005 and dipped in 2006. SB increased 13 times by 2006 with 2002 as base year. It was also found that SB had a positive correlation of 0.8 and more with NP, TR, EBIT, TA, and NA; only TL recorded a negative correlation with SB with coefficient of -0.98. At the firm level, it was revealed that NCL had so much impact on NP. This information could be used by prospective investors, policy makers, and the Government to make informed decisions about the industry.