This paper extends the existing literature on poverty in developing economies by examining the effects of human capital, financial capital and physical assets on the incidence of poverty in both urban and rural Ghana. The following is found: low stocks of assets appear to be a more prevalent problem associated with poverty; the returns to human capital are positive and rise with higher educational attainment, irrespective of gender; the correlation between income distribution and incidence of poverty is positive; and ownership of human, physical and financial assets reduces the probability of being poor. Against the backdrop of growth-oriented policies, the paper calls for investments in schooling, provision of institutional credit and an enabling environment for labour market activities as strategies for the reduction of poverty.