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The new coronavirus disease 2019 (COVID-19) has spread swiftly globally. People were in danger of infection and psychological stress as a result of the pandemic. Due to the shutdown of schools, the academic calendars of educational institutions were thrown off. The effects of COVID-19 on the academic performance and psychological well-being of college students were investigated in this paper. A proportionate stratified random sampling procedure was used to select students from the Seventh-day Adventist College of Education in Agona-Ashanti for the study. Data was collected using a questionnaire that included the 7-item Generalized Anxiety Disorder Scale (GAD-7). We found that following the temporary shutdown of schools, students’ test scores did not alter much. Mild anxiety was reported by 32.8% of respondents, moderate anxiety by 17.7%, and severe anxiety by 6.1%. Gender and family financial stability were found to be protective factors against anxiety in students. However, having an associate who contracted COVID-19, as well as the location of the student community and the people students stayed with, were not risk factors for increased anxiety. In correlation analysis, economic influence, effects on everyday living, academic delays, and effects on social support were all found to be negatively associated with anxiety symptoms. Furthermore, being concerned about academic delays had a minor effect on students’ anxiety symptoms. The government and college authorities should work together to provide counselling services to students to reduce the psychological effects of pandemics on students.