A spokesperson for Akon said later that, due to the protests, the star had "decided to postpone" his show.
They said they hoped to have the issue "resolved in the coming weeks".
In a statement, the government said the video for Sexy Chick by David Guetta, featuring Akon on vocals, "triggered a lot of disappointment among Buddhists".
It added some of Akon's lyrics were not "suitable for public articulation".
On Monday, hundreds of people stormed the head offices of the Maharaja Broadcasting and Television Network, the media sponsor of the planned concert.
Four workers were injured and windows and parked cars were smashed after protesters threw stones at the building.
Read more about Sri Lanka bans Rapper Akon over Bhuddist slurs...