Panama is a country in Central America.
There are borders with Costa Rica in the North and Colombia in the South. But there are no roads to Colombia. There is a way to go through the jungle, but it's extremely dangerous, due to the Colombian 'guerillas'.
To hitch a boat get to the San Cristobal Marina in Colon, boat hitching is never easy so be prepared to wait days or weeks. There are 2 marinas (including balboa marina) in Panama City but chances for Colombia are lower. On both sides many boats go to the South Pacific and you also may get a ride through the canal as linehandler. to get to the marinas in Panama City take a minibus from Plaza 5 mayo toward Amador and hitch back. In places east of Colon like Portobello you find payboats (280 $).