The incident occurred at Denkyira Breman/Brofoyedur, a community in the Upper Denkyira West District of the Central Region.
Citi News sources say at least three of the people pulled out of the wreckage are feared dead, including a victim believed to be 10 years old.
Frantic efforts are still being made to rescue those trapped.
It is believed that the victims are not residents of the community as none of the residents could identify any of the deceased.
This comes at a time when the government has renewed the fight against all forms of illegal small-scale mining by burning excavators and other mining equipment in forest reserves and on water bodies.
The Upper Denkyira West Director for the National Disaster Management Organisation (NADMO), Isaac Gyasi, confirmed that three people are dead, with more than thirty miners trapped.
He indicated that his outfit is yet to secure excavators to start the evacuation process.
“Some people went for illegal mining last night and according to them, those confirmed dead are three. We are yet to excavate the ground to see the number of victims in the pit. The confirmed report is that they are between 30 and 40 people, but because it happened at dawn, we are yet to get the excavators to go there,” Isaac Gyasi said.