We present the first ultrafast time-resolved optical measurements, to the best of our knowledge, on ensembles of germanium nanowires. Vertically aligned germanium nanowires with mean diameters of 18 and 30 nm are grown on (111) silicon substrates through chemical vapor deposition. We optically inject electron-hole pairs into the nanowires and exploit the indirect band structure of germanium to separately probe electron and hole dynamics with femtosecond time resolution. We find that the lifetime of both electrons and holes decreases with decreasing nanowire diameter, demonstrating that surface effects dominate carrier relaxation in semiconductor nanowires.