The 25-year-old goalkeeper spent six seasons at the Tarkwa and Aboaso Park after joining from Madina Youth FC in 2010. He won three trophies at the club including two FA Cup titles
"Medeama thank goalkeeper Muntari for his services to our club. He came here as a youngster and distinguished himself," a club statement read.
"We had no problems with him. He has paid his due and wants to continue elsewhere. As a club, we wish him and hope he succeeds wherever he finds himself. He has been a good ambassador for Medeama and we're grateful to him," the statement added.
Tagoe becomes the fifth player to leave the club following the departure of Daniel Agyei, Abass Mohammed, Enoch Atta Agyei and Malik Akowuah.
Goal understands that Tagoe is likely to join Ashanti Gold in a two-year contract following the transfer of Fatau Dauda to Nigeria Professional Football League giants Enyimba International. The Miners have already captured former Ghana Premier League topscorer Kofi Owusu after his unsuccessful spell in Egypt with Al Aswan.
Ghana Premier League is scheduled to start on February 4 and Medeama will host Wafa on matchday day one.