Four containers of about 1,000 pieces of used vehicle tyres were destroyed by the fire with the cost running into millions of cedis.
Although the cause of the fire was not immediately known, it was said to have started at about 6:30p.m. and it took about four hours for fire fighters to bring it under control.
The fire destroyed the containers, which were filled with more than 1,000 pieces of car tyres, but there was no casualty.
When the Daily Graphic got to the scene, some workers were trying to clear the mess caused by the blaze.
The timely intervention of fire personnel helped to contain the blaze, which was put out by four fire engines.
The firefighters were unable to establish the cause of the fire.
An eyewitness, who spoke to the Daily Graphic, said there had been litigation over the ownership of the land on which the shop owner operated his shop.
He noted that there was no electrical works going on in the area and wondered what could have caused the fire.
The General Secretary of Tyre Dealers Association (TDA), Mr Atta Nsafoh, said he had a call on Monday evening that there was a fire outbreak.
Upon reaching the scene, he said, the fire had razed down all the goods in the four containers at the site.
Mr Nsafoh said the association would meet to see how best they could help the victim bounce back to business.