This study was designed to characterize the most cultivated and consumed yam (Dioscorea) cultivars within the Ghanaian yam germplasm based on their physico-functional properties in order to assess their potential alternative food and industrial processing applications. Matured yam varieties grown and harvested under the same climatic and edaphic factors were obtained from the Roots and Tuber Conservatory Division of the Council for Scientific and Industrial Research-Plant Genetic Resources Research Institute, Bunso Ghana. Colour of bulk flour for each yam sample was measured using the Hunter Lab Colour Difference Meter. Functional properties such as water absorption capacity, swelling power and solubility index were determined using standard analytical procedures. Significant differences (p<0.05) existed among the yam varieties for their colour and functional properties. Flours of D. bulbifera and D. dumetorum had an attractive yellow colour while flour of D. esculenta recorded the highest whiteness (L = 84.09). D. esculenta had the highest swelling power (9.4%) and solubility index of 27.6%. No significant difference was observed in water absorption at 27°C and 70°C for all varieties except D. dumetorum. D. dumetorum flour had relatively high water absorption capacity of 295.9% in water at 27°C and 189.4% in water at 70°C. The findings from this research will be relevant to yam producers and processors in programmes aimed at developing new food/industrial processing applications using Ghanaian yams.