The bus caught fire along with thousands of the passengers' belongings, including laptops and mobile phones, among others.
According to a report by Kumasi-based Angel FM, all of the passengers on board the vehicle escaped unharmed.
The Yutong bus with registration number GT 5333-20 was traveling from Takoradi to Kumasi when the incident occurred in the Central Region community of Kyekyewere in the Assin South district.
According to the testimonies of the bus driver and passengers, they detected the odor of smoke and suspected that it emanated from the bus.
The driver then halted the vehicle and asked passengers to step down so he could inspect the problem.
Moments after the driver drew out his fire extinguisher to extinguish the blaze, the bus burst into flames and burned to ash.
After their narrow escape, some passengers thanked the driver for sparing their lives by stopping the vehicle and requesting that they evacuate.
"We appreciate the driver instructing us to exit the vehicle. Some passengers who spoke with a reporter from Angel FM stated that they would have been affected by the fire if the driver had not allowed them to exit the bus.