The blasts on Saturday sent a giant fireball into the sky and forced residents to flee the Atomic Junction area in the city, BBC reported quoting officials.
Reports suggest a tanker delivering natural gas caught fire.
One person was confirmed killed but there are fears that the death toll could rise further.
The blaze in the suburb of Legon was later brought under control, reports say.
In June 2015, at least 150 died in a fire at a petrol station in the city.