Drought and wetness events have become common due to global warming, warranting the need for continuous analysis and monitoring of drought and wet events to safeguard people’s livelihoods. In this study, the Standardized Precipitation Evapotranspiration Index (SPEI) was utilized to analyze the spatiotemporal characteristics of drought and wetness events in the coastal Savannah agroecological zone from 1981 to 2021. Climate data from 14 locations across the zone were used to characterize drought and wetness events at the 3 and 12 month timescales. Except for September 1995 and November 2002, when changepoints occurred, the results revealed the homogeneous nature of temperature and rainfall in the zone. More drought events were observed in the dry and minor seasons, while the wet season had more wetness events under both the SPEI-3 and SPEI-12 timescales. The results also showed that, while moderate-to-severe drought events were common for most years, extreme drought events were more typical in the 1980s and 1990s than in the 2000s under both the SPEI-3 and SPEI-12. Furthermore, the 2000s saw more moderate-to-severe wetness events than the 1980s and 1990s, while the greatest number of extreme wetness events occurred in 1987, followed by 1997 and 2021 under the SPEI-3, and a few moderate-to-extreme wetness events occurred in 1987, 1991, 1997–1998, 2012–2013, 2018, and 2020–2021 under the SPEI-12. Under the SPEI-12, only extreme drought events showed a significant positive trend with a small magnitude of change. On the spatial scale, drought and wetness events occurred more frequently in the Central and Volta regions than in the Greater Accra region; however, the intensity and duration of the events were stronger and lasted longer in the Greater Accra and Central regions than in the Volta region. The regular monitoring of drought and wetness events is required to protect the livelihoods of people in the zone.