In a statement carried on the GFA website, Nyantakyi apologised "unreservedly" for "a series of errors of indiscretion" after Federation Internationale de Football Association launched an ethics investigation into his activities.
Mr Nyantakyi has not replied to multiple requests for comment while the GFA has said it would cooperate with any investigation. I take sole and personal responsibility for the proceedings on the video.
FIFA responded earlier on Friday by banning Nyantakyi from "all football-related activity" for 90 days pending an investigation with a possible further suspension of up to 45 days.
Nyantakyi was caught on tape accepting $65,000 from undercover reporters from Tiger Eye PI, who posed as investors interested in sponsoring the Ghana Premier League in clear violation of FIFA's code of ethics which bar members from accepting cash gifts. However, parts of its rules is that governments should not interfere in football administration.
As a result, Ghana's Information Minister Mustapha Abdul-Hamid says they will dissolve the Football Association.
Asiamah said the decision had been a hard one to take, and is aware that it is likely to trigger some sort of action from world football's governing body FIFA, who strictly forbid the interference of government in the national federations.
"Government will soon announce provisional measures to govern football activity in the country until a new body is duly formed".
Ghana also risk being suspended from the 2026 World Cup hosting vote next week, when it had been expected to vote for fellow African country Morocco against the joint bid of the United States, Canada and Mexico.
The corruption and match-fixing scandal is the latest predicament of the FA following controversies surrounding Ghana's participation at the 2014 Fifa World Cup as well as the Black Stars' inability to qualify for this year's tournament in Russian Federation.