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Is Panama here, say, following winding path? (6)

Ross

I believe the answer is:

hatpeg

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'is panama here say' is the definition.
(as in a Panama hat)

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for hatpeg that I've seen before include "where Kentucky Derby's held?" , "Cloakroom pin" , "Where to hang cap, etc" , "fixture for bowler?" .)

I've seen this clue in The Guardian.
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