Mr Nyantakyi was captured in an undercover investigation conducted by the TigerEye PI in which he made damning commentaries about the president of the country and his vice as well as other ministers of state.
He also received an undeserved $65,000 from the supposed businessman who was, in reality, an undercover journalist.
On Friday, Mr Nyantakyi resigned from office but not without apologizing to the president of Ghana.
His apology and resignation came a day after the government announced dissolution of the Ghana Football Association and hours after FIFA banned the embattled football president for 90 days.
He has also resigned from his position as the CAF 1st Vice president.
“What has happened is very shameful but it’s not the end of the road for the country,” Yeboah told .
“I believe a lot must be changed from the top to the last person in charge, including the referees’ appointment committee. The rot in our football is very serious and needs to be tackled with all seriousness.
“Some of us were in the game as administrators but opted out because we couldn’t stand the heat – the underhand dealings especially on match days. Therefore, the ban on Kwesi Nyantakyi and resignation of several other leaders is the right thing but we shouldn’t do things in a rush,” he added.