According to the News Agency of Nigeria, NAN, Amissah-Arthur died on Friday morning at the Air Force Base, where he had gone for exercise.
He was subsequently rushed to the 37 Military Hospital where he died shortly after.
The deceased was the country’s number two-man during the administration of ex-President, John Mahama.
Ghana’s current President, Addo Akufo-Addo, in a post on his Facebook page, wrote: “I have learnt with shock and great sadness the sudden death of the former Vice President of the Republic, His Excellency Paa Kwesi Amissah-Arthur.”
The president described the former vice president as a longstanding public servant, who discharged his duties with dignity.
“The news of his death is unfortunate since he appeared to have a lot to contribute to the public life of our country,” he added.
The 67-year old also served as Governor of the Bank of Ghana between 2009 and 2012 during which time Ghana enjoyed about 30-month-long single digit inflation and a stable foreign exchange environment.
He was last seen in public on Wednesday during a book launch by his wife, Matilda Amissah-Arthur.
Amissah-Arthur was a lecturer at the Economic Department at the University of Ghana, Legon from 1980 to 1988. Alongside that he became a Special Assistant to the Former Secretary (Minister) for Finance, Kwesi Botchway from 1983 to 1986.
Amissah-Arthur subsequently rose to become a Deputy Minister for Finance and Economic Planning from 1986 to 1997.
Prior to becoming a politician, Amissah-Arthur had lectured at the Department of Economics, Anambra State College of Education, Awka, Anambra State, Nigeria between 1981 and 1983.
He is survived by his wife, Matilda and two children.