I don't think Panama owns the Panama Canal. I believe it's entirely run and governed by the US.
> The Panama Canal Authority is established under Title XIV of the National Constitution, and has exclusive responsibility for the operation, administration, management, preservation, maintenance, and modernization of the canal. It is responsible for the operation of the canal in a safe, continuous, efficient, and profitable manner.[1]
Emphasis mine
If that is wrong, naive or stupid I'd like to know.