A video exposé by investigative journalist Anas Aremeyaw Anas reveals 12 high court judges and 22 circuit court judges and magistrates taking bribes to skew judgement.
The video to be premiered on September 22 at the Accra International Conference Center also captures some court officials including clerks and lawyers engaged in underhand dealings.
But reacting to the scandal, Mr Rawlings called for circumspection and tact in dealing with it.
A statement on Thursday, September 10 says: “I feel sad about it and makes them as vulnerable as others.
“Times are really hard and there is no doubt some would have done it out of greed like some of our politicians, businessmen and so called men of God.”
He called on the relevant institutions and authorities to take the necessary steps to investigate the matter and mete out appropriate sanctions.
“The media and public must also show restraint and circumspection so as not to destroy the reputation of the innocent ones.”