This paper analyzed the direct and indirect relationships between socioeconomic characteristics of Ghanaian women and their fertility. The characteristics considered in the direct relationships were education, occupation and place of residence. The indirect relationship was considered by adjusting for household assets and the following proximate variable: postpartum abstinence, duration of breastfeeding, contraceptive use, and infant/child mortality. The Ghana Demographic and Health Survey data (GDHS) of 1991 were used and a sample of 2560 married women was selected for analysis. The results of multivariate analysis show that cumulative fertility, as measured by deviation from the average marital cohort fertility varies significantly by education, occupation and place of residence. When household assets, postpartum abstinence, breastfeeding, contraceptive use, and infant/child mortality were controlled for, fertility varies significantly by female education, male modern sector jobs and urban place of residence. Apart from contraceptive use, all the proximate variables are significant predictors of fertility. The findings suggest that socioeconomic factors influence fertility through abstinence, breastfeeding, and infant/child mortality. The implications of these findings are discussed