The Ghanaian government has made a decision to shut down the Ghanaian Football Association following allegations of corruption in the organisation that have surfaced in recent days.
Akufo-Addo, who watched the video last month, denied any knowledge of Nyantakyi's claims and has instigated a criminal investigation against the administrator for fraudulently using the President's name.
Information minister Mustapha Abdul-Hamid said "the government had made a decision to take immediate steps to have the GFA (Ghana Football Association) dissolved" because of the "widespread nature of the apparent rot".
Key among those caught on tape by creator investigative journalist Anas Aremeyaw Anas are GFA President Kwesi Nyantakyi, Greater Accra Regional FA President Eddie Doku and the Northern Regional FA President Abdulai Alhassan.
The documentary has led to widespread calls for the dissolution of the body, with Ghana League Clubs Association president Kudjoe Fianoo telling KweséESPN: "We have to break down the structures and rebuild it".
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He said the government would soon announce provisional measures to govern football activities until a new association could be formed.
"Having regard to the widespread nature of the apparent rot involving top GFA officials, NSA [National Sports Authority] officials, match commissioners, football administrators and referees, government has chose to take immediate steps to have the GFA dissolved", he said.
Below is the full statement from the President of Ghana.
"The GFA dissolved", the Sports Ministed is quoted to have told Joy FM. The GFA wishes to assure all that as an institution it does not condone any manner of corrupt practices. The issue of corruption was in there...we also saw people taking cash to influence matches as well. We received a full Federation Internationale de Football Association response few days later, with an action plan on how we can fight the menace of match manipulation through a roadmap for the implementation of the national integrity initiative.
He further urged all Ghanaians to be calm.