My first thought is to let him sleep with you until he is ready and comfortable to move to his own. I am willing to bet, in a few years at best, he wont want to be in your bed!
If you insist on getting him out, (since this was your question), there are a number of possibilities:
Could you do a complete room makeover, with him choosing the theme? Let him be completely involved in the process, all the while talking about how this is his place to sleep. Does he have a friend or cousin who could be invited for a sleepover the first night he sleeps in it, once it is completed?
Would you be willing to sleep in his room with him until he falls asleep, for as long as he needs this comfort?
I have heard of parents who have filled a squirt bottle with water, label it "ghost phazer" or something appropriate, telling him when he is scared of ghosts (if that is the culprit), to spray them and they will disappear. I would do this first during the day so he can have fun with it. (I do not like this myself, but have heard it worked).
(I like this idea better) Since he thinks ghosts are something to be afraid of, could you introduce him to the idea of friendly ghosts (such as Caspar?). Or introduce him to angels and how they are here to be with us, especially while we sleep? Make some angels and hang them in his room, letting him choose where, to remind him of their presence. Or ask him to invent an imaginary friend who comes to be with him while he sleeps. Children have such grand imaginations...utilize it!
Lavendar is an herb that helps bring relaxation. A small plant in his room might be helpful, or putting a few drops of its essential oil near his bed each night might help, in addition to other suggestions.
Contact a hynotherapist who can give you some advice on how to use simple hypnosis at bedtime with your child to remove fears and instill peace and calm.
But I want to go back to my original comment in closing. He is only five years old, and humans generally dont like to sleep alone (unless they have been taught otherwise). Can you possibly find it within yourself to continue to provide this need he has? I am sure that down the road, he will decide he would rather not sleep in your bed. If he falls asleep there, you can carry him to his own bed after he is asleep if you need to. My own children slept with their dad and me until they chose to go to their own bed (each at different ages). That was more than 20 years ago, and now, I wish their little bodies were here beside me when I sleep! It is only our culture that tells us sleeping with our children is "taboo". Sometimes changing our thoughts about something is all we need to do!
Peace to you in your decision and let me know how this "plays out".