The deceased had accused the suspect of cheating him in a business deal amounting to some thousands of Ghana Cedis.
The relatives of the deceased, who had earlier suspected contract killing have since filed a complaint with the police, Accra-based Joy FM reports.
According to the family, the businessman (name withheld) is a close business associate of the late Anthony Owusu Adomako.
The family said that before the death, the two had engaged in some violent exchanges.
The deceased had accused the suspect of cheating him in a business deal amounting to some thousands of Ghana Cedis, the family said.
The Public Relations Officer at the Ashanti Regional Command, ASP Juliana Obeng, said that the police had received the information from the family and they would soon go after the said businessman.
“We are in touch with the family...They have given us some leads and at the appropriate time we are going to move on that lead or that piece of information that the family has given us,” she said.
The owner of Coconut Guest House at Adiebeba in the Ashanti regional capital, Kumasi, was on Monday stabbed to death by some unknown persons.
The deceased was stabbed after some attackers stormed the guest house at about 11 p.m.
The 78-year-old died shortly upon arrival at the Komfo Anokye Teaching Hospital.
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The Ashanti Regional Police Public Relations Officer, ASP Juliana Obeng, told Luv FM that the attackers did not pick anything from the hotel.
A 52-year-old receptionist was invited for questioning while investigations continue.
The receptionist was alleged to have been led at knife-point from the reception to the lobby where Owusu Adomako was relaxing after close of work.
The hotel has also been closed down.