Research on the associations among adversity, executive function (EF), and academic outcomes in low- and middle-income countries, where developmental risk factors are more prevalent and impoverished environments are more widespread than in high income countries, is sparse. This study examines the relations among cumulative risk, EF, and learning outcomes measured two years later in Ghanaian third- and fourth-graders (N = 371; 49% female), shedding light on underlying mechanisms of how risk can undermine learning. A cumulative risk index was created based on a set of four child-reported risk factors: home aggression, unsafe home neighborhood, hunger, and having worked for pay. Cumulative risk and EF were negatively correlated. Learning outcomes (literacy and math test scores) were negatively correlated with earlier measures of cumulative risk and positively correlated with earlier measures of EF. EF mediated the association between cumulative risk and later learning outcomes, accounting for 65.3% of the total effect for literacy and 100% for math. This mediated pathway was robust to controls for child and household sociodemographic characteristics. The findings contribute to a small evidence base on the mediating role of EF in linking adversity and learning outcomes in a global context. [This is the online first version of an article published in "Developmental Psychology" (ISSN 0012-1649).]