The exit follows a disappointing 2-0 defeat to Karela United in the Round 16 stage of the domestic competition.
The clash between the two Premier League clubs was staged on Monday, February 12, at the Aliu Mahama Sports Stadium.
In the Round 16 clash, both Karela United and Asante Kotoko put up a good performance in the first half but neither side could get on the scoresheet.
Two minutes after recess, a Solomon Aboagye strike handed Karela United the lead.
While Asante Kotoko created several chances after conceding, the Porcupine Warriors could not find the back of the net.
In the 65th minute, Giyas also equalised with a wonderful shot to double the lead for Karela United to secure a 2-0 win for the team at the end of the 90 minutes.
Karela United will now advance to the quarter-finals of this season’s MTN FA Cup.