The ban was imposed one day after the Ghanaian government dissolved the country's football association (GFA) after officials, including Nyantakyi, were shown in a documentary allegedly taking kickbacks.
Government, in a statement signed by Minister of Information, Dr Mustapha Abdul-Hamid, said following the involvement of top GFA officials, NSA officials, match commissioners, football administrators and referees in corruption as captured in the undercover piece, it has made a decision to take immediate steps to have the GFA dissolved.
The Ministry say they have been forced to act "as a result of the pervasive nature of the rot within the GFA" and that they have "taken immediate steps to have the GFA dissolved".
"The documentary exposes the gross malfunction of the Ghana Football Association, characterized by widespread fraud, corruption, and bribery", read the statement, which was signed by Information Minister Mustapha Abdul-Hamid.
"This means all football activity is on hold", he began. He is considered the second most powerful person in Ghanaian football.
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"National team players came to my office to plead with me to end the sort of adventures I am having with the FA and give them the money to be able to pay the unclassified payments so that we will qualify for the World Cup", Nii Lante told Accra-based Citi FM.
"The two-hour documentary, "*When Greed and Corruption Become the Norm*", is the work of undercover journalist Anas Aremeyaw Anas and Wednesday's public viewing was the first since it was released to the authorities last month.
In the said video, Nyantakyi was seen extorting monies from investors by using the name of the President.
Nyantakyi was pictured taking $65,000 (£48,000) from an undercover reporter, who pretended to be a businessman keen to invest in Ghanaian football.