Agriculture in Africa is not only exposed to climate change impacts but is also a source of greenhouse gases (GHGs). While GHG emissions in Africa are relatively minimal in global dimensions, agriculture in the continent constitutes a major source of GHG emissions. In Ghana, agricultural emissions are accelerating, mainly due to ensuing deforestation of which smallholder cocoa farming is largely associated. The sector is also bedevilled by soil degradation, pests, diseases and poor yields coupled with poor agronomic practices. Climate Smart Agriculture (CSA) thus offers a way to reduce the sector’s GHG emissions and to adapt the sector to the adverse impacts of climate change. This study assesses the potential of CSA vis-à-vis conventional cocoa systems to enhance production, mitigate and/or remove GHG emissions and build resilience, in addition to understanding key determinants influencing CSA practices. Using a mixed methods approach, data was collected in Ghana’s Juabeso and Atwima Mponua districts through semi-structured household questionnaires administered to 80 household heads of cocoa farms, two focus group discussions and expert interviews. A farm budget analysis of productivity and economic performance for both scenarios show that CSA practitioners had a 29% higher income per ha compared to the conventional farmers. Estimations using the FAO Ex-Ante Carbon-Balance Tool (EX-ACT) indicate CSA practices preserve forest resources without which the effect on carbon balance as presented by conventional farming would remain a source of GHG emissions. Farm tenure, age of farmers, location of farm, residential status and access to extension services were the main determining factors influencing CSA practices among cocoa farmers. An in-depth understanding of these indicators can help identify ways to strengthen CSA strategies in the cocoa sector and their contributions to climate change mitigation and resilience.