Forest ecosystem services play an integral part in the realization of global sustainable development goals due to their potential contribution to climate change mitigation and forest-based livelihoods in marginalized rural parts of the world. The Atewa Forest Range Reserve has been recognized to support forest-based livelihoods in adjacent communities and even urban areas of Ghana. While this contribution is acknowledged, information on the current status of the reserve’s ecosystem services which are under serious threats from human-induced activities, remains fragmented. Therefore, through a household survey of 150 respondents complemented by key informant interviews (n = 9), this research assessed the awareness and perceptions of people on the current status of the Atewa Forest Range Reserve and its ecosystem services as well as the major drivers of change that seem to threaten the provision of these ecosystem services. Our results point to provisioning services as the most widely utilized ecosystem service, leading to their significant decline with the potential to affect the livelihoods of the local populations. Respondents’ awareness and the relative importance they ascribe to the reserve’s ecosystem services reinforced their appreciation for these services and interest in their sustainable management. Our results suggest the need for understanding local perceptions of ecosystem services to guide the prioritization of management decisions for balancing both utilization and conservation goals. A co-management approach that fosters the strategic inclusion of local communities in decision-making regarding the forest reserve could contribute to collaborative relationships and further increase positive perceptions of locals to preserve the reserve’s ecological functions.