The fire hit a filling station in Accra late on Wednesday, causing an explosion at the pumps that killed dozens of people seeking shelter from torrential rains and widespread flooding in the area that also claimed numerous victims.
"As of yesterday we have recovered more than 150 corpses. Sixty people have been taken to the hospital," Red Cross disaster management coordinator Francis Obeng told AFP, raising the toll from yesterday's count of at least 90 killed.
"A lot of people have lost their lives and I am lost for words," he told reporters.
The fire, which is thought to have spread from a nearby residence, appeared to have engulfed a bus full of passengers that was waiting at the station, an AFP reporter at the scene said.
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Dozens of charred motorcycles and cars were visible on the forecourt.
Flood waters had reached knee level on the road beside the Ghana Oil Company (GOIL) petrol station in the Kwame Nkrumah Circle area of the city before the fire, which caused an explosion at the pumps, according to eye-witnesses.
The inferno quickly spread to a nearby pharmacy and several buildings next to the filling station.
The explosion was heard and seen across the capital. It was not immediately clear exactly how the victims died, with reports that some had drowned after being knocked unconscious and falling into the flood waters.