The incident took place at Ejura Sekyeredumase in the Ashanti region of the country on Tuesday.
Four persons were said to have been wounded in the fracas.
The youths were protesting the killing of Ibrahim Mohammed, a #FixTheCountry campaigner popularly known as Kaaka, who was reportedly attacked by a mob last Saturday.
Ibrahim later died on Monday at the Komfo Anokye Hospital where he was admitted.
Subsequently, the youths took to the street to protest his death and demand that the perpetrators must be brought to book.
After the protesters left the police station, they were said to have hit the street to continue the protest until they clashed with some soldiers and police officers who were said to have been called in to restore peace in the vicinity.
The soldiers had reportedly shot into the air to disperse the youths but the protesters were undeterred and were said to have charged at the soldiers. Consequently, the military started shooting into the crowd.
Abdul Yussuf, a farmer, was reportedly shot in the shoulder and chest. He died on the way while being taken to hospital
Muntala Mohammed, the other victim who was a motor dealer, was reportedly hit by a bullet in the chest and died 10 minutes after arriving at the hospital for treatment.
The killing of Mohammed and two other protesters has generated criticisms against the government.
The Ghana police said they have begun an investigation into the circumstances that led to the killing of the protesters and called for calm.
