Although the socio-economic significance of fishing is globally recognized, the protection of fish stock has not been adequately attended to in fisheries management, leading to fishing practices that threaten the sustainability of fish stock. This study examined the Closed Fishing Season (CFS) policy adopted in Ghana to reduce the excessive pressure on fish stock to ensure the sustainability of fishing-related livelihoods. Data were collected through interviews and focus group discussions with 80 participants, comprising coastal fisherfolk as critical stakeholders, traditional authorities, technocrats, and an academic in fisheries. The data were analysed thematically. The findings revealed that whereas the academic and technocrats had a scientific justification for the policy, the fisherfolk took a cultural view of it without necessarily discounting the scientific rationale. Compliance with the policy was high but there were isolated cases of violations occasioned principally by livelihood pressures. The fisherfolk perceived the livelihood support packages provided by the government to be inadequate, unfairly distributed, and untimely delivered. Also, they perceived their participation in decision-making to be low. Based on the fact that their expectation of a bumper catch immediately after the CFS was not met, the fisherfolk described the effectiveness of the policy to be weak. Although the fisherfolk were not opposed to the policy in principle, they maintained that it was more important to address issues of corruption in the distribution of premix fuel, plastic waste, trans-shipment, proliferation of fishing vessels, use of chemicals and light for fishing, and other illegal, unregulated, and unreported (IUU) fishing practices. Adopting the co-management approach in addressing issues of alternative livelihoods, IUUs, and misconceptions, coupled with a strategic integration of scientific and indigenous knowledge in the design and implementation of the policy would enhance its effectiveness.