The deceased, believed to be a student of the Ola College of Education or the University of Cape Coast, was found lifeless along the road leading to the schools.
Authorities of both schools are yet to confirm if she was a student.
The development has caused fear among residents of Ola.
Eyewitnesses told Starr News Yaw Boagyan the body was found near the Ola Catholic Church stretch around 9:00pm on Friday with her vagina removed and blood oozing from her nostrils and mouth.
The body has been conveyed to the Cape Coast mortuary for autopsy while police begin investigations into the murder.