Available statistics show that the population of older adults in Ghana increased from 200,000 in 1960 to two million in 2021, with females comprising 57% of this population. This increase in the size of the older Ghanaian population has research, policy, and practice implications. Qualitative research has rarely explored the psychological health of older Ghanaians by paying attention to the emotions and feelings they experience and the reasons they give for those emotions and feelings. The current study aimed to fill the gap by exploring emotions and feelings that underlay the psychological well-being of older persons in Ghana and the subjective reasons behind their feelings. Twenty-three adults aged 60 years plus (14 male vs 9 female) provided interview data that were analyzed thematically, and psychological well-being perspectives provided a framework to make sense of the data. The findings show that participants' psychological well-being belongs to three subthemes of psychological functioning: high positive functioning; low negative functioning; and high negative functioning. These subthemes translated into three main themes: pride of conquest; being older can be depressing; and, living with regret, respectively. Overall, the findings suggest that participants' psychological well-being is a confluence of flourishing mental health and depression. It is concluded that older Ghanaians experience a mixture of positive and negative emotions and feelings, and, therefore, a blend of good mental health and depression. One reason for positive psychological well-being is that older adults are happy about living longer, and satisfied with what they have accomplished. They are also proud of their continued social contribution, and look forward to health and happiness in retirement. However, fear of death and worries over what the future holds for children, despair over the debilitating effects of sickness, abusive experience, poverty, and the shame of being accused of witchcraft and ostracized, among others are reasons for depression in this population. The research and practice implications of these findings are outlined.