The normal regulation time ended a goalless draw, but the Ivorian carried the day after Tony Baffoe who had scored his first penalty kick threw the second one away.
It was the 18th edition of the tournament which had 12 countries with each of the four groups comprising three teams.
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Ghana drawn in group D piped both Egypt and Zambia by a goal each to make a date with Congo, whom they edged by a goal to nil in the quarter-finals, before overcoming the scare of their West African neighbours Nigeria in the semi-finals.
The Ivorians started the tournament by thrashing Algeria by three goals to nothing and settled for a goalless draw with Congo, before piping Zambia in the quarter-finals. The Elephants afterwards defeated Cameroon on penalties to set a date with Ghana in the final.
Ivory Coast continued to torment Ghana as they knocked them out in the quarter-finals of the 1994 Africa Cup of Nations. However, the Black Stars finally got he breakthrough as they whipped their West Africa neighbours 2-0 to secure a resounding victory in their opening group game in the 1996 AFCON staged in South Africa.
History repeated itself in 2015 when Ghana and Ivory Coast faced off in the final of the continent's showpiece held in Equatorial Guinea. The Ivorians once again won on penalties after 120 minutes of football had ended in a goalless draw.
Those who took the penalties for Ghana in 1992 AFCON final
Tony Baffoe (S)
Odartey Lamptey (S)
Richard Naawu (S)
Isaac Asare (M)
Tony Yeboah (S)
Frimpong Manso (S)
Emmanuel Armah (S)
Stanley Abroah (S)
Emmanuel Ampeah (S)
Opoku Nti (S)
Edward Ansah (S)
Tony Baffoe (M)
N/B: S=Scored = M= Missed