The statue was officially unveiled by former Indian Pranab Mukherjee. They cited passages written by Gandhi depicting Indians as "infinitely superior" to black Africans and using the racist pejorative "kaffirs" to describe them. Others want the statue of Gandhi in the square removed.
He is remembered for his tactics of peaceful civil disobedience, which have inspired civil rights movements throughout the world.
"We are of the view that if there should be statues on our campus, then, first and foremost, they should be of African heroes and heroines, who can serve as examples of who we are and what we have achieved as a people", the petition from the members of the University of Ghana Council read.
Campaigners in Malawi are now trying to stop a statue of Gandhi going up in the capital Blantyre, also arguing that he used racial slurs against black people.
He lived and worked as a lawyer in South Africa from 1893 to 1915.
Rhodes University in South Africa also considered a rebrand as its name is taken from Cecil Rhodes, a former Prime Minister of the country who is widely credited as being one of the founding fathers of the apartheid system that ghettoised black citizens throughout the 19th and 20th centuries.
In October, a court in Malawi halted the erection of another Gandhi statue in the commercial capital after local Gandhi Must Fall protesters filed a lawsuit the statue which is part of a $10 million construction deal with the Indian government.
The site was due to host a concert hall which would also be named after the Indian independence fighter, and was due to be inaugurated by India's Vice-President Venkaiah Naidu. An official at Ghana's foreign affairs ministry said it was "an internal decision by the university".
While confirming that Gandhi had made racists comments, his great-grandson Satish Dhupelia told IOL he reformed his views in later life.
Malawi and India established diplomatic ties in 1964 and New Delhi is one of the country's leading aid donors.
Rajmohan Gandhi quoted his grandfather's 1908 Johannesburg speech, in which he said: 'If we look into the future, is it not a heritage we have to leave to posterity, that all the different races commingle and produce a civilisation that perhaps the world has not yet seen?' But two years later the statue had still not been relocated.
Academics argued institutions such as Yale University offered a precedent in the removal of racist symbols.