The boat was conveying the mourners from Azizanya to Azizakpe when it capsized on the lake. Five people are reported to have died instantly while rescue efforts are underway to find other survivors.
The incident which occurred around 9 am on Saturday was allegedly caused by strong winds.
According to an eyewitness account, about 100 persons were crossing Azizakpe, an island community on a 40-seater passenger boat when the incident happened.
The five dead persons were three children below the age of three and two women. All passengers were without life jackets.
Speaking in an interview, the Presiding Member for the Ada East Assembly, Godwin Agudey, said the search party made up of the Navy, NADMO and a community rescue team will continue the search in the water for three days to be fully convinced that there are no other persons left under the water.
The police have since detained the owner of the boat at the Ada police station for further investigations.
This is the next major disaster after a similar incident in 2014, which led to the death of popular musician Castro in the same area.
The community is yet to come to terms with the disaster, and many residents and relatives have gathered in various homes to condole with victims.
In January, eight school children from the Atikagome community in the Sene East District in the Bono East Region died when a boat which was transporting them to school capsized on the Volta Lake on Tuesday, January 24, 2023.
Officials from the National Disaster Management Organisation (NADMO) confirmed the incident.
The deceased were among 20 schoolchildren in the boat who were travelling from Atikagome to Wayokope, where their school is located.