Portia Boakye put the hosts in front but Christine Manie's penalty moments later shared the spoils at the Accra Sports Stadium.
Owing to Mali's 3-2 triumph over Algeria in the other group game, the Black Queens could not make it to the last four, having finished third on Group A's table.
Cameroon placed top of the log with seven points, while Mali followed with six marks and Ghana four.
Goalkeeper Nana Ama Asantewaa was among the four changes to Ghana's XI, taking a place alongside captain Elizabeth Addo, striker Samira Suleman and winger Alice Kusi.
Cameroon coach Joseph Ndoko, on the other hand, made one change to his set-up, bringing on Charlene Meyong Menene for Genevieve Mbeleck Ngo.
Although Ghana dominated possession in the first half, they struggled to create clear-cut chances to make it count where it matters most.
In the 11th minute, Addo tested goalkeeper Annette Ngo with a free-kick. Two minutes later, Grace Asantewaa followed up with a long-range effort that flew just wide.
Addo went knocking again in the 27th minute, but her effort from outside the box flew over. That was shortly before a cross cum shot struck the upright.
In the 31st minute, Bashir Hayford's outfit finally broke the deadlock through Portia Boakye. The left-back sent in a seemingly harmless free-kick but goalkeeper Ngo misjudged her jump, watching on helplessly as the ball flew over into the net.
The Black Queens, for a moment, looked on course to head into the break with the lead until the 41st minute when goalkeeper Asantewaa hacked down Gabrielle Onguene in the box, leaving the Mauritanian referee Maria Rivet with no choice than to point to the spot.
France-based Christine Manie stepped up and made no mistake with her kick from 12 yards. 1-1 the score read going into the interval.
The second half saw even less clear chances.
Onguene's over-the-bar free-kick was Cameroon's closest goal attempt.
For Ghana, Linda Eshun drilled a low shot on the stroke of full-time but goalkeeper Ngo coolly handled the effort to keep the score at 1-1.