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The president made the pledge at a fund raising dinner Friday evening at the forecourt of the State House in Accra.
Two people pledged GH¢1million each towards the project whilst others pledged varied amounts in dollars and in cedis.
Hollywood star Idris Elba and international model Naomi Campbell also attended the fundraising dinner.
In a statement, the president the cathedral is to serve as a "gesture of thanksgiving to God for his blessings, favour, grace and mercies on our nation, and to give me an opportunity to redeem a pledge I made to Him before I became President."
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He said the cathedral is more than just another piece of infrastructure or national monument.
“It will provide us with an avenue to call the nation to prayer, to worship, to celebrate, and to mourn. It will house a Bible Museum, and will be an iconic infrastructure for national, regional and international pilgrimage and tourism. It will create jobs, and serve as a catalyst for technology and skills transfer into our country,” President Akufo-Addo stressed.
He continued, “The Cathedral will also provide a platform to promote deep national conversations on the role of faith in building the progressive and prosperous Ghana we all want. I am convinced that out of these conversations would emerge the ideas and values that should help us build a new Ghanaian civilization. This is the basis on which I identify it as a personal priority.”