The truck, with the registration number AS-8123-16, was carrying about 850 bags of cement from Takoradi to Kumasi when it ran over the pupils.
The victims, all girls, had joined their mates to watch their colleagues train for an upcoming school game when the incident happened Friday afternoon.
They were in primary five and six at Assin Atobiase D/A Basic School, according to DSP Okyere Andam, Assin South District Police Commander.
He told Accra-based 3news that his outfit was informed about the incident at about 2: 15pm by the District Director of Education and personnel were quickly dispatched to the scene.
Quoting an eyewitness, 3news reports that a metal broke out from beneath the vehicle, causing the truck to sway to the right side and as the driver lost control of the steering wheel, it ran over the kids who were close by the road killing five instantly.
The bodies of the deceased have been deposited at Assin Fosu mortuary.
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