The victims were learners at the Saint Charles Lwanga Junior High School at Saboba in the Northern Region.
The Ghana Police Service confirmed the report, adding that about 31 students were on the canoes.
It was reported that the students had crossed to Oti River to a farm; but two of the canoes capsized on their way back.
Rescuers managed to retrieve seven bodies, and a search is underway for another two that are still missing.
The police have commenced investigation and invited the school headmaster, Emmanuel Chinja, who allegedly owns the farm.
