"After a meeting of the Executive Committee this afternoon I made a decision to resign as President of the Ghana Football Association (GFA)", he said in a statement. "The league is suspended until further notice as well as all activities and all programs of the Ghana Football Association".
Youth and Sports Minister Isaac Asiamah told KweséESPN that the dissolution means all football activity is on hold in the country.
The President of the Association was filmed collecting $65,000 from "investors" to influence the president and vice-president to get road contracts.
BBC reports that Ghana's information minister Mustapha Abdul-Hamid said the government had "decided to take immediate steps to have the GFA dissolved", citing the "widespread nature of the apparent rot".
Below is the full statement from the President of Ghana.
Federation Internationale de Football Association has not yet commented on whether any action will be taken over the GFA's dissolution.
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He won the Kentucky Derby by 2½ lengths and then survived a half-length victory in the Preakness , both on sloppy tracks. In other words, the team behind a Triple Crown victor simply receives the sum total of the top prizes in each race.
"I wish to apologise to my family, work colleagues, friends, associates and the people of Ghana for the disappointment my indiscretion has caused them".
President Akufo-Addo has since reported the conduct of Mr. Nyantakyi to the Criminal Investigations Department and has been subsequently charged with defrauding by false pretense.
Nyantakyi, a member of FIFA's decision-making Council, also apologised to Ghana president Nana Akufo-Addo and the government for what he called his "indiscretion".
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.
The two-hour documentary, When Greed and Corruption Become the Norm by undercover journalist Anas Aremeyaw Anas, was provided to the authorities last month before being screened in public for the first time on Wednesday. In one clip, Range Marwa, a major worldwide referee from Kenya is seen taking $600 from a man reportedly posing as a Ghanaian official.