This paper uses data from the 2012 Afrobarometer Surveys to empirically investigate the relationship between social capital and subjective well-being (SWB) in Ghana. Two measures of SWB are examined – absolute SWB and relative SWB. Results from OLS and ordered logit regressions are mixed. For instance, while generalized trust has no significant effect on either measure of SWB, interpersonal trust and institutional trust are significantly correlated with both measures. The results also suggest that being satisfied with the way democracy works in Ghana has a positive effect on SWB. Even though membership in a voluntary association is negatively correlated with absolute SWB, it has a positive effect on relative SWB. Finally, members of a religious association tend to report lower relative SWB.