The Economy and Finance minister presented her resignation on Thursday after giving wrong information about three professors to President Rafael Correa, local media reported.
"I take all the responsibilities in the case and I recognize there was a mistake," Minister Elsa Viteri said at a press conference.
On a Saturday radio program, Correa accused the professors of receiving high salaries that were prohibited by a national law. Correa's accusations were based on incorrect information provided by the Finance Ministry.
The president has not decided yet whether he would accept Viteri's resignation, Xinhua reported.
Viteri took over as finance minister in September 2008.