Both countries were well aware of the importance of this fixture, given their group also contains European heavyweights England and Croatia, yet the first half never really got going, with both sides rather cagey in their play.
There was at least an exciting opening to the contest, as with just two minutes on the clock, a ball into the area was glanced goalwards on the half-volley by Cecilio Waterman, with Lawrence Ati Zigi reacting well to make a smart save to deny the forward.
Ghana finished top of their group in qualifying; however, they failed to win any of their six subsequent friendlies and looked to be stuck in the same rut in a poor opening 45 minutes, which saw them register just a solitary wayward effort from Marvin Senaya.
The Canal Men had a firm grip on possession in the first period, but aside from a penalty appeal just after the half-hour mark, they never looked likely to open the scoring before the break.
Ghana had won just one of their last seven WC matches, and the Black Stars looked unlikely to improve on that run as their attacking struggles continued.
Panama had the first opportunity of note in the second half, when on the hour mark, Carlos Harvey’s miscued effort from just outside the area resulted in the ball rolling kindly to Christian Martinez, but the attacking midfielder was put under just enough pressure to ensure that his close-range effort found the side netting.
The four-time African champions finally produced a piece of play to get their supporters on the edge of their seats seven minutes later, as Brandon Thomas-Asante’s ball across the area looked set to be tapped home by Jordan Ayew.
But a heroic sliding challenge from Jiovany Ramos prevented the goal-scoring opportunity.
The Black Stars certainly improved in the second period, with Panama unable to convert their possession into a regular threat. It looked for all money as though the game was heading for a stalemate, but in a highly dramatic conclusion, Ghana snatched victory in the 95th minute.
The lively Thomas-Asante broke free down the left before advancing into the area and squaring to Yirenkyi, who poked the ball into an empty net to spark wild scenes of celebration from the Ghanaians in attendance.
The result means Carlos Queiroz’s men sit second in Group L with a game against leaders England up next, while dejected Panama sit third after just a third defeat in 14 matches, and their path to the knockout stages appears treacherous.
Flashscore Man of the Match: Caleb Yirenkyi (Ghana)