The debate on the changes in livelihood assets as a function of health shocks remains inconclusive, thus spurring attention from scientists and development practitioners across the globe. This paper analyses COVID-19-induced changes in the livelihood assets of rural households in Ghana. While content analysis was employed in qualitative data analysis, the quantitative data set was analysed using a binary logistic regression model. The analyses led to the following conclusions: The COVID-19 pandemic led to a more significant decline in financial assets than social assets. Although several socio-economic factors determine changes in the livelihood assets of households, the assets base of migrants was disproportionately affected by the pandemic. Further, women were disproportionately affected since market access restrictions significantly affected their income and savings and, consequently, their ability to buy farm necessities. These results suggest the need to emphasise the resilience of financial assets in times of pandemics, especially for migrants. This study provides new insights to inform the sustainable livelihoods framework, emphasising pandemics and changing livelihood strategies. Studies to uncover the coping strategies of migrants in the context of health shocks are required to complement this position.