The deceased has been identified as Nii Otu Sei Klo, the Head of Family of the Kley Wetsotse which is one of the clan houses in the Prampram Traditional Area.
Police sources indicate the incident occurred at about 3:00 am on Tuesday with the cause relating to a protracted chieftaincy dispute.
Nii Klo was reportedly in a meeting with other kingmakers at the shrine house when the incident happened.
Two others of the Anner Wey royal gates, who were also in the meeting, sustained life-threatening injuries and are currently on admission at the Tema General Hospital.
The Regional Police Commander, DCOP Barimah Tweneboah Sasraku, has since led a team of investigators to the crime scene and to commiserate with the family.
Residents say they are now living in fear amid calls from the family for justice to be served.