The move, he said, will begin Monday, February 24 this year.
According to him, the government is having to conjure up GH¢13 billion to pay the customers of these financial institutions.
President Akufo-Addo said this on the floor of parliament when he made the State of the Nation Address in Accra on February 20.
"We inherited a collapsing financial sector. The government is having to conjure up GH¢13 billion to pay the customers of those institutions. This is money we can ill-afford," he said.
Adding that "We will hold all those responsible for the collapse of the financial institutions to account, a process that has already started.”
This year’s State of the Nation Address is Akufo-Addo’s fourth and last in his first term as President of the Republic.
His address is per Article 67 of the 1992 Constitution of the Republic of Ghana and the Standing Orders of the Parliament of Ghana.
The address is to update Ghanaians on the government’s progress and outline plans for the next financial year.