FREETOWN: At least 241 passengers were on board the vessel when it sank on Tuesday night southeast of the capital Freetown, but the overall number could be more than 300, said deputy transport minister Osmond Hanciles.

"The official list showed 241 passengers on board and these were only those who had cargoes on board and totally excluded the number of school children that were aboard," he told AFP.

"It is possible that there were over 300 people on board," Hancile added.

Authorities announced late Wednesday that they had recovered eight bodies. Police spokesman Ibrahim Samura told AFP that 37 people "have been rescued."

Divers are still searching the waters of the Atlantic near the village of Tombo, 80 kilometres (50 miles) southeast of the capital Freetown, although the operation is being hampered by heavy rains.

Information Minister Ibrahim Ben Kargbo told AFP that the circumstances leading to the accident "will be thoroughly investigated."

"President Ernest Koroma feels very sad about the incident and he wants it to be known that the military and the navy did all that they could to make sure they took part in the effort to rescue the passengers. We are sending the condolence of the country to all," he added.

Officials say the boat sank in just a few minutes after being hit by strong winds and heavy rain.

Survivors said the boat was carrying many parents and their children who were travelling to be admitted into schools in Freetown.

The boat had made several stops on the way to pick up passengers from at least 10 surrounding villages when it capsized near the coastal village of Shenge.

Boat accidents are frequent during the West African country's rainy season, and locals say many vessels used to ferry passengers around the coastal islands lack basic security equipment like life vests.