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 Bengala, 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.
With the help of Jungle Patrol which is now present not just in the jungle but also in the city, he travels from Bengali to New York to find the people behind the killings. While near the Central Park he tracks down the criminal Bock who happens to be the man working alongside Quisling.
There is an explosive conclusion at the end where Kit takes the fight right to the villain Quisling during which there is destruction of entire Walkabout tower. With the destruction of foundation and his family gone, Kit Walker is truly a Ghost Who Walks and probably the Last Phantom!