A Ghanaian security guard was shot and seriously injured as he attempted to stop the attack, which happened on Saturday night.
The victims, believed to be aged 16 and 17, were on a school volunteering trip to the country.
They were attacked by a man with a rifle, in the secure walled compound where they were staying in dormitory-style rooms near a beach, according to reports.
The Foreign Office is providing support to the group, who were believed to be recovering in a hospital on Sunday.
Their school cannot be named for legal reasons.
The FCO says that while most visits to Ghana are trouble-free, crime does occur and can range from petty street crime to violent crime.
Around 90,000 Britons visit the coastal west African country every year.
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