The incident occurred when Dwamena was playing for Albanian side Egnatia against Partizani on Saturday.
The forward was seen collapsing to the ground in the 24th minute before players from both teams rushed to his aid and medics ran onto the field.
Due to the incident, the match was postponed and despite the efforts of medical professionals, Dwamena's death was later confirmed by the Albania Football Federation.
A statement read: "Despite the immediate intervention of specialist doctors he unfortunately passed away.
"The AFL expresses its deepest condolences to the Dwamena family and the Egnatia club for this great loss that has shocked the entire Albanian football community."
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The Ghana Football Association also released a statement.
It read: "The Ghana Football Association is sad to hear of the death of our former player Raphael Dwamena and wish to express our deepest condolences to his family at this difficult moment."
No details of a possible cause have been given at this time but Dwamena had previously collapsed in 2021 while playing for Austrian outfit Blau-Weiss Linz.
He recovered from that incident and continued his career, reportedly having a heart operation and an automatic defibrillator implanted in his body.
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The striker spent part of his career in Spain, featuring for La Liga sides Zaragoza and Levante, with both teams paying tribute to their former player.
Zaragoza posted on social media saying: "We are devastated by the sad news of the passing of our former player Raphael Dwamena.
"You will always be in the memory of Zaragoza´s fans. Rest in peace."
And Levante then posted a tribute which reads: "Our thoughts are with his family and his loved ones in these difficult moments. His legacy in our club will last forever."