The beleaguered FA boss, who became Ghana's football chief 13 years ago, is now being investigated by the Criminal Investigations Department of the Ghana Police Service following a complaint by Ghana's President, Nana Addo Dankwa Akufo-Addo, alleging that Mr Nyantakyi criminally used his name and that of the Vice President, as well as other high ranking government officials, to solicit money from supposed worldwide investors, who turned out to be undercover private investigators with Tiger Eye PI, as captured in the documentary, entitled #Number 12.
The GFA said in a statement that it would co-operate with any investigation.
Ghana's information minister, Mustapha Abdul-Hamid, said the government had "decided to take immediate steps to have the GFA (Ghana Football Association) dissolved", citing the "widespread nature of the apparent rot".
The Ghanaian government has made a decision to dissolve the country's football association after claims, in an undercover documentary, of bribe-taking by referees and kickbacks to top officials. He is considered the second most powerful person in Ghanaian football.
The latest documentary from controversial Ghanaian journalist Anas Aremeyaw Anasexposes this unfortunate truth.
Nyantakyi, who is also a member of the Fifa Council, the world football body's legislative organ, was filmed in a hotel room allegedly taking a $65,000 bribe from a supposed businessman seeking to sponsor the Ghanaian football league.
GFA president Nyantakyi is also seen on video negotiating for a 25 percent cut of a sponsorship deal meant for the federation to be diverted to a company he owns.
After watching parts of the documentary last month, Ghana President Nana Akufo-Addo asked police to investigate Nyantakyi, and the soccer official was arrested.