The incident happened in the early hours of Tuesday, February9, at Danquah's Shiashie residence in Accra.
Information gathered at the scene suggests that thekiller(s) used a ladder to get into the house, through a window which is not burglar proof.
In his reaction to the news on his twitter platform, the President said he was 'shocked' at the incident.
On his part, former president John Agyekum Kufuor urged security agencies to be on their toes to avert similar occurrences in the future.
Speaking on Accra-based Asempa FM, the former president attributed the recent spate of 'contract killings' in Ghana to the rise in social media.
"If you watch television and what is happening on social media platforms, what is going on in these countries have been copied slowly by our youth and all these affect our society. So if the society does not adapt and be uploaded with these developments, then we are leading in a scary situation," former president Kufuor added.
Meanwhile, five people have been arrested in connection with the death of Member of Parliament for Abuakwa North, Joseph Boakye Danquah-Adu.
The Accra Regional Police Public Relations Officer, ASP Afia Tenge, said two women and three men have been arrested, including a private security guard who was at the residence when the MP was killed.
According to ASP Afia Tenge, the police had a distress call at 1.25 am on Tuesday, adding that "on arrival, the police found the victim in a pool of blood and rushed him to the Police hospital but was pronounced dead on arrival."
She said preliminary investigations indicated that the victim suffered multiple stab wounds which caused his death.
The others arrested are reported to all be residents of the house but the police did not give further details about their identity.
Tenge said the five will be interrogated over the incident and is calling for the support of the public for more information.
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