This study assessed the vulnerability and coping livelihood strategies of fishermen within the context of declining marine fisheries in Elmina, Ghana. One hundred and fifty-five (155) fishermen were purposively selected for questionnaire interviews from January to March 2017. The results showed that most of the fishermen depended heavily on fishing as a major source of livelihood. Nonetheless, their income levels were trifled due to declining fisheries. The vulnerability index of the community proved to be significantly high. The coping livelihood strategies were largely informal, comprising farming and trading, among others. A little over half of the fishermen were willing to leave the fishing sector for different livelihoods, given other prospects. It is concluded that improving livelihoods in the community will require strengthening supplementary livelihood occupations, and educating fishers on the dangers of using illicit fishing methods are required for the growth of the sector and enhancement of income levels of fishermen.