It was a disappointing outing by the four-time champions, who suffered a Round of 16 exit following a penalty shootout defeat to Tunisia.
The elimination was the West Africans' first time of failing to reach the Afcon quarter-final since 2006.
“Although in 1984 Ghana didn’t perform well, this year's performance by the Black Stars at Afcon is the worst performance of the team so far," Polo, a member of Ghana's 1978 Afcon-winning team, told Happy FM.
"They had the opportunity to win the trophy but they failed.
“The technical team should know that they have failed Ghanaians woefully so they should honourably resign.”
For the umpteenth time, the former Hearts of Oak coach did not miss an opportunity to express his interest in the Black Stars' coaching job.
“We have great coaches in the country who can coach the Black Stars team," said the 62-year-old.
"I am ever ready to coach them if given the opportunity. It is long overdue.
"It’s painful to think about it, the time has been wasted but I guess God’s time is the best.”
Ghana opened their Afcon campaign with a 2-2 draw with Benin before settling for a 0-0 stalemate with Cameroon.
A 2-0 triumph in their third game was enough to send them ito the next round as group winners.
In the Round of 16, Ghana played out a 1-1 draw against Tunisia after extra-time before losing 5-4 on penalties.
The underwhelming tournament showing has thrown the future of head coach James Appiah in doubt.