This is one of two brand new tracks which were recorded with producer Harry Rutherford at the famous Fisher Lane Studios for Starsailor's Good Souls: The Greatest Hits album. "'Give Up The Ghost' came from the energy of being back together after so much time," explained singer James Walsh. "It's about not being ready to give up on something despite the challenges that you face."
The phrase "give up the ghost" means in this context to stop making an effort having given up hope. It alludes to the idea that life is independent of the body and is due to the habitation of the ghost or spirit in the material body. Therefore when someone dies, they are 'giving up the ghost.' Radiohead recorded a song with the same title for their 2011 King Of Limbs album.