Farmer–herder conflicts deepen the incidence of poverty and worsen the wellbeing of both farming and herding households in Sub-Saharan Africa. In order to cope with the effects of conflict on their livelihoods, households adopt various adaptation strategies. This paper assesses the effects of adopting conflict adaptation strategies on the multidimensional poverty and subjective wellbeing of farmers and herders using primary data from 500 households (400 farming households and 100 herding households) from two farmer–herder conflict hotspot districts in Ghana.