Smallholder farmers in the lower Volta Delta of Ghana operate in a risky and uncertain context due to water scarcity. However, the conventional analyses of water availability have mainly focused on drought, rainfall occurrence, and other climatic or weather elements, using secondary biophysical data with relatively little emphasis on farmers’ perceptions and how socioeconomic factors contribute to the vulnerability of farming in the lower Volta Delta. This study examines farmers’ perceptions of vulnerability to water availability to determine how perception is socially constructed and differentiated in various locations. The study was conducted using qualitative research methods in the Ada East, Ada West, South Tongu, and Anloga Districts in the lower Volta Delta of Ghana. Findings reveal that climate is not the only stressor on livelihoods in the area. Farmers perceive their livelihoods as vulnerable to socioeconomic stressors, including limited freshwater and groundwater resources. The perceived severity of water availability conditions determines farmers’ response strategies, such as crop selection, planting dates, irrigation strategies, and other agronomic practices. These findings have important implications for researchers, agricultural extension agents, and policymakers to design appropriate measures and approaches to deal with water scarcity for farming in the region. The study also contributes valuable insights into the loss and damage incurred by farmers due to climate change and variability in the region.