Deputy Commissioner of Police (DCOP) Ken Yeboah told the Ghana News Agency that the accused is to reappear before the court on Monday June 5.
The accused Joyce Antwi, took a loan of GHc 99,000 from the business friend, (name withheld) in October 2015, with a promise to pay back in no time.
The two are into the plywood trade and have been doing business together over the past five years.
Mr Yeboah said Joyce could, however, not keep to her promise and that forced the friend in April, this year, to ask for the return of the money.
Joyce, allegedly hired a man to kill her, so that there would be no trace of the money.
She offered to pay the would-be killer cash of GH¢5,000.00 and went ahead to make down payment of GH¢2,500.00.
DCOP Yeboah said the arrangement was that the remaining amount for the crime would be paid after the murder.
She took the man to the Buokrom Estate in Kumasi, to show her the woman’s house and instructed that the act be carried out in the afternoon when the husband and the children of the business friend would be away.
The man after collecting the money informed the police and Joyce was arrested.
The suspect, the Regional Commander said, confessed to the crime during interrogation.