Ghost 22.214.171.12412, shipped with Deployment Solution 7.1 and later, is capable to create / convert to VHD images.
You can convert a ".GHO" file to a ".VHD" file using ghost32.exe, ghost64.exe or the Linux version of ghost.exe.
To convert the file, run ghost with the following command line:
Now you can open Hyper-V Manager Snap-in
select New > Virtual Machine...
Open the New Virtual Machine Wizard, click Next
Allocate the amount of memory, click Next
Configure Networking, click Next
Select "Use an existing virtual disk" and Browse to the location where you stored your newly converted .VHD image