West Ham and England striker Cole was fined £20,000 and also warned about his future conduct at a personal hearing after accepting a charge of improper conduct.
Cole, 27, revealed on Thursday morning via his Twitter account that he would request for his fine to be donated to a Ghanaian charity.
He wrote: “I will be asking to donate the money to a Ghanian (sic) charity of my choice, preferably to a children’s charity.
“Hopefully the money will be going to a good cause.
“Sorry if i have offended anyone but there was no malice & harm meant.
“I never knew a light hearted joke would cause so much offence.”
Cole made the remarks – which he later deleted – prior to last month’s Wembley friendly between England and Ghana.
He tweeted: “Immigration has surrounded the Wembley premises! I knew it was a trap! Hahahaha.
“The only way to get out safely is to wear an England jersey and paint your face w/ the St. George’s flag!”
The Professional Footballers’ Association responded to Cole’s punishment by urging players to be more “vigilant” when using social media.
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