Three other people on board the vessel have been rescued by the Ghana Navy and have been taken ashore.
However, one other person, said to be the observer from Fisheries Commision who was onboard is missing.
The vessel, said to be of the size of about a 50-seater bus sunk between the sea waters of Elmina and Sekondi.
The three are undergoing treatment.
The Menghxin 11 vessel sunk in the early hours of Saturday with all the crew on board.
Some of them were able to swim to a nearby vessel, with the name Menghxin 6.
The crew was hauling a net that had so much fish in it.
The crew, it is reported had some difficulty pulling the net full of fish to the vessel.
Around that same time, it was raining heavily with with thunderstorms.
The vessel, according to the survivors, could not sustain the balance on one side and sunk with all the crew on board.
The rescue mission began with the nearby vessel, Menghxin 6, and the Ghana Navy later joined.
The Navy has been combing the incident area and is still on a search of other survivors.
So far, the body of the captain of the vessel has been recovered but the observer on board the vessel is yet to be found.