Ghana scaled nine places to 25th in the latest FIFA ranking released on Thursday for the month of July.
Last month, the Black Stars slipped eight places to 34th position after defeats in the Cosafa Cup tournament.
But a 1-0 win over Togo in a friendly and the 7-1 thrashing of Mauritius at home in the 2017 Africa Cup of Nations qualifiers have boosted the West Africans.
Ghana are now third on the continent which is an improvement on the fourth-place slot last month.
Argentina are the new leaders despite losing to Chile on penalties in the final of the Copa América.
The Albiceleste have leapfrogged over Belgium and Germany to take the top spot in the world ranking for the first time in seven years.
Meanwhile the newly crowned South American champions Chile have moved up eight positions, only just missing out on a top-ten ranking at number 11.