FIFA have given Nyantakyi a 90-day ban from all football related activities with immediate effect.
President of the Sports Writers Association of Ghana Kwabena Yeboah has been appointed as acting Ghana Football Association President.
"In the said report I committed a series of errors of indiscretion". The Ghana Football Association issued a statement last month backing their president and saying he was innocent until proven guilty.
According to Nyantakyi, he was deceived by the undercover journalists which he described as "scammers", he also apologised to President Akufo-Addo, Vice President Bawumia and the Ministers of state for associating them with the private conversations on the video.
Abdul-Hamid said the government was "shocked and outraged" at the claims, which included referees apparently accepting bribes of at least $100 to throw matches.
And the government of the Republic of Ghana Akufo-Addo who was even mentioned in the video by the GFA president in his quest to use his name to collect monies from investors is taking steps to dissolve the Ghana football governing body the the rots that have engulfed it.
He said the government would soon announce provisional measures to govern football activities until a new association could be formed.
"Government will communicate these decisions to the Confederation of African Football and the Federation of International Football Association, and engage with them on these developments to chart a way forward for Ghana football".
Under his tenure, the FIFA Executive member succeeded in qualifying Ghana for unprecedented three successive World Cup Finals in 2006 (Germany), 2010 (South Africa) and 2014 in Brazil.
They will also drop out of the U20 World Cup.
The investigation, by controversial journalist Anas Aremayaw Anas, invited Mr Nyantakyi to a luxury hotel in the Middle East with the promise of meeting a wealthy businessman it said was interested in a sponsorship deal with the GFA.
Black Maidens won bronze at the U-17 World Cup.