The International Tribunal for the Law of the Sea did, however, allow Ghana to continue developing current oilfields.
These include the so called-Ten fields, part owned by UK firm Tullow Oil.
Ivory Coast had asked that all drilling be suspended, but the tribunal ruled this would risk "considerable financial loss" to Ghana.
Instead, it told the West African nation to "take all necessary steps to ensure than no new drilling either by Ghana or under its control takes place in the disputed area" and to "refrain from granting any new permit for oil exploration and exploitation in the disputed area".
The area is believed to contain large reserves of oil, which both countries are keen to exploit.
Pending a ruling on the precise maritime border, the tribunal told both countries to "pursue co-operation and refrain from any unilateral action that might lead to aggravating the dispute".
The ruling was welcomed by Tullow Oil, which owns a large stake in the near $5bn (Â£3.3bn) Ten project, which could reportedly produce up to 80,000 barrels a day.
"Following this ruling, the Ten project can move ahead and we will now await instructions from the government of Ghana with regard to implementing those provisional measures that have been ordered by [the tribunal]," a Tullow spokesman said.

27 December 2016 Last updated at 09:00 GMT
German Shepherd Finn was injured early one October morning while protecting his handler from a suspected armed robber.
The seven-year-old fought for survival, helped every step of the way by his handler PC Dave Wardell.
BBC News looks back at how his recovery captured the hearts of thousands and inspired a petition calling on the government to re-think the laws surrounding injured police support animals.

The UK's chief veterinary officer said H5N8 avian flu has been discovered at a farm with 1,000 birds in Wyre.
Graeme Cooke said it has a "business link" to nearby farm Hy-Fly Game Hatcheries Limited in Preesall where the infection was confirmed on Tuesday.
Public Health England (PHE) said the risk to humans was "very low".
A 1.8 mile (3km) protection zone has been set up around the farm.
Defra said: "This case was proactively identified as part of a routine investigation of premises traced as a result of confirmation of the disease in Lancashire earlier this week.
"There is a business link between the two premises."
It said a number of birds have died with the remaining birds at the premises to be culled.
Defra said a full investigation is under way to determine the source of the infection.
Other related premises have been placed under restrictions which will remain in place until all investigations are complete.
The Food Standards Agency said bird flu does not pose a food safety risk for UK consumers.
There have been a number of other outbreaks of the virus including on a farm with 19,500 turkeys in Boston on Friday which was the third case of the H5N8 strain of avian flu in Lincolnshire in about four weeks.
The same strain has been discovered in birds in Settle, North Yorkshire, a swannery in Dorset and flocks in Carmarthenshire, south west Wales.
In December, the government introduced an avian influenza prevention zone, which lasts until 28 February, to help protect poultry and captive birds from avian flu after the strain was found in 14 European countries including Germany and France.
Ghana has been told by an international tribunal not to begin any new offshore drilling for oil in disputed waters with the Ivory Coast.
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A police dog stabbed on duty returned to the beat earlier this month after life-saving surgery.
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Bird flu has been found at a second pheasant farm in Lancashire, the Department for Environment, Food and Rural Affairs (Defra) has confirmed.