Officials of the Ghana National Fire Service and the Ghana Police Service are now at the scene trying to rescue persons suspected to be trapped under the tree.
The students were swimming at the Kintampo waterfalls in the central Brong-Ahafo region during a storm when the accident happened yesterday.
Emergency officials said that the students died when trees, uprooted due to a storm, fell on them while they were swimming in a river near the waterfall.
He said 11 people were receiving treatment, including one of the school administrators in charge of the trip.
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It is thought stormy weather caused the tree to fall to the ground. Other reports put the number of injured... The dead and injured, were mostly students, who went to the site in different groups.
The rescue team used chainsaws to cut through logs before they could retrieve bodies trapped in the water.
The country's tourism minister, Catherine Abelema Afeku, said in a statement: "We extend our condolences to the families of the dead and pray for the injured".
Former president John Dramani Mahama has also commiserated with the families of the about 19 people who died following the Kintampo waterfalls tragedy.