Nyantakyi, who has been GFA President since 2005 and is also a FIFA Council member, is accused of fraudulently using the President's name.

He was allegedly caught on a video shot by investigative journalist Anas Aremeyaw Anas, which will be broadcast on June 6.

The official is said to have used the name of the President and other senior Government officials in a bid to tempt "potential investors" to part with money.

Neither the GFA or Nyantakyi, also a first vice-president at the Confederation of African Football, have yet responded to the allegations.

As reported by the BBC, Akufo-Addo's deputy chief of staff Samuel Abu Jinapor said: "The President after consultations is fully satisfied that a prima facie basis has been established for criminal investigations to be launched into the conduct of the President of the Football Association."

Nyantakyi, who founded and currently owns Ghanaian Premier League club All Stars F.C, is regarded as one of the GFA's most successful Presidents.

Under his stewardship, Ghana qualified for their first-ever World Cup in 2006 in Germany before competing at the 2010 and 2014 editions in South Africa and Brazil respectively.

Ghana reached the quarter finals in 2010 where they were knocked out in controversial fashion by Uruguay.

However, they failed to qualify for this year's World Cup in Russia which begins next month. 

Additionally, the Ghana under-20 football team won Africa's first and only Under-20 World Cup in 2009.