The story begins with the scenario that The Phantom is no more. In other words, the 21st Phantom was the last of the series. Kit Walker has broken the chain and has not taken up the mantle as the masked crime fighter and is now handling the day-to-day affairs of the Walkabout Foundation, an organization created by one of the previous Walkers to help support charities in Bengali, and the surrounding nations of Africa.
After a near death experience in the plane explosion and crash, Kit discovers that his wife Radhi and son Mosi are killed by the army of soldiers equipped with advanced gadgets manufactured by the terrorist organization by name Krieghund led by one Mr. Quisling. Quisling has got the army targeted at Kit and his family for his malicious intentions of taking over Walkabout Foundation. Kit decides that this is the time he takes up the role of crime fighter and avenge his family.
Kit reaches the war-mongers den in South Africa to destroy the large plant that manufactures advanced gadgets for its private army. He then travels in a ship with Hero and Devil on the Atlantic ocean sailing towards New York. With the help of Jungle Patrol which is now present not just in the jungle but also in the city, he travels between Bengali and New York to find the one behind the killings.
He finally traces the villain back to the Walkabout Tower, only to find out that he is none other than his former right hand man who worked with him in the foundation earlier. There is an explosive conclusion which leads to destruction of the entire Walkabout Foundation. With his foundation and his family all lost, Kit is now truly just a Ghost who walks and The Last Phantom!
This story arc is then followed by next story arc: Jungle Rules.