Ashgold suffered a 1-3 defeat away at the Stade L’Unite’ Maghrebine in Algeria for the second leg tie.
Emmanuel Osei Carlos however stroke from close range in the 40th minute to put the Miners on level pegging.
MO Bejaia stepped up their game after the interval to score two goals to end the dream of the miners.
The ‘ Crabs’ kept the pressure on the Ghanaian champions throughout the second period and were rewarded in the 57th minute when Okacha Hamzaoui finished with a simple tap-in.
Ashgold allowed another goal when Sofiane Khadir headed in from a corner kick after a poor defensive organization from the visiting side.
Ashgold won the first encounter 1-0 at Obuasi a fortnight earlier.
This is the fourth time in a row a Ghanaian club have been eliminated from the early stages of the competition.
Ashgold were the side serving on Ghana’s only ticket in in the CAF Champions League after Ghana’s two slots were slashed down to one, six years ago.
Medeama will now remain the country’s only home in Africa club competition after they were drawn by in the first round of the CAF Confederations Cup.
Fatau Dauda, Augustine Sefa, Hudu Yakubu, Kadir Mohammed, Tijani Joshua, Eric Opoku, Alhassan Nuhu, Shafiu Mumuni, Emmanuel Osei Carlos, Fuseini Nuhu, Issac Amoah.