In most cases, I don't think there's a way to end the situation without hurting the other persons feelings. The main difference is that if you're upfront about your disinterest, there's a higher possibility for confrontation. But it's arguably the most considerate way of ending things, and even with the other two options, they could still confront you about it.

With ghosting, they'll understand a some point you're not interested. But for a bit they will still think you are. The same applies for making an excuse, depending on what it is. I'd imagine the best type of excuse would be something geographically related. But it's difficult to pull off a good excuse without it coming off as a lie. What did you have in mind?

And what's the guy like? As another poster said, it also depends on the person you're ending things with.