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According to reports, the children were on their way home from school on Tuesday afternoon when the accident occurred as they crossed the road.
One other child is in a critical condition and rushed to the Saltpond Hospital.
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The driver of the Hyundai 4×4 vehicle has been arrested and taken to the Saltpond Police station.
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The residents of the area are incensed and blocked the Anomabo section of the Highway in protest of the killings as they claim the accident is the second in a week.
Watch the video below as a resident narrates how the accident happened.