The 48-year-old former sports journalist was endorsed with 93 votes in the third round after his closest challenger, the former Ghana Football Association vice-president George Afriyie, had conceded defeat.
Okraku had won every round against four other candidates before eventually winning the crucial vote to become the 24th president of the Ghana FA.
“I am really humbled for this unique opportunity,” Okraku said.
“It is time for us to work, look into the future with hope and build a solid foundation.”
He takes over at a sensitive time for Ghana football.
Former president Kwesi Nyantakyi stepped down from the role in June 2012 after 12 years following the broadcast of a documentary that made allegations of corruption against him.
He is currently banned from all football activities by FIFA.
Okraku will take over the mantle of the running of Ghana Football from a Normalization Committee put in place by FIFA over the last one year.
He says his top priority is to restore confidence in Ghana football among fans and corporate bodies and develop it into a tool for wealth creation.
The elections for a new GFA head had been billed as a contest between those desperate for a clean break from past administrators and key actors in Ghana football and those adamant that a degree of experience is required to take the sport forward. Okraku’s victory suggest the latter won.
The owner of top flight side Dreams FC, Okraku served on the executive committee of the Ghana Football Association under Kwesi Nyantekyi and was previously Communications and Marketing manager of Accra Hearts of Oak after graduating from the University of Liverpool with an MBA in football administration.