The continued dependence on rain fed production by farmers increases their vulnerability to risk. In view of this, the study assessed the major risk faced by farmers, the main coping strategies adopted and the determinants of the strategies employed by farmers. Cross sectional data was obtained from 208 farmers randomly selected from the Eastern region of Ghana using a structured questionnaire in the year 2014. The Multinomial Logit regression model was employed to examine the factors influencing the coping strategies adopted by farmers. To cope with risks, farmers mainly preferred to practice crop diversification, borrow money or use up their savings. Results showed that the choice of coping strategies used by the respondents were influenced by their individual and farm characteristics, and the available institutions and capital resources. The study recommends the formulation of policies aimed at increasing farm and off farm income, and promote savings to strengthen farmers’ capacity to cope with risks.