It says these companies are not fit for purpose because they don't have enough cash reserves to meet demand if lots of savers want to withdraw their money at once.

Some 70,000 people are affected, with as much as 9bn cedis ($1.6bn; £1.3bn) tied up.

Here's what one investor told the BBC anonymously:

Quote Message: When I heard the news I was really worried - I’m a single parent and my rent is due. Now that they have promised to pay, they should pay it quickly. I hustle under this scorching sun to make money, it’s not easy at all. I don’t think I will invest in any financial institution again."

When I heard the news I was really worried - I’m a single parent and my rent is due. Now that they have promised to pay, they should pay it quickly. I hustle under this scorching sun to make money, it’s not easy at all. I don’t think I will invest in any financial institution again."

The central bank, the Bank of Ghana, has pointed the finger at endemic mismanagement across the sector. But many say the central bank itself is to blame for not carrying out its supervisory role effectively.

Most small businesses and entrepreneurs rely on these institutions for their savings and business loans.